At the top of their X profile, the official @IRSnews account has pinned a tweet advising Americans to be cautious while filing their annual return. “There are many different kinds of social media content,” they wrote, “including tons of misleading tax advice that can put you at risk.” Now, more than ever, it’s crucial to be diligent amid the endless scams and near-constant flow of fake news online. Currently, the rumored IRS $8700 stimulus check has people asking questions. Here’s everything we know about the situation so far:
What Are Stimulus Checks?
After a bumpy few years navigating the “new normal” following the COVID-19 pandemic, Americans have become familiar with stimulus checks. The idea behind them is to generate economic activity during times of strife. Thanks to bonuses from the government, consumers have more to spend without the stress of going into debt or dipping into savings.
In March 2020, then-POTUS Donald Trump signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act/Phase Three) into law. As a result, Americans were entitled to a one-time, direct cash payment of $1200, plus $500/child. Now, talk is circulating of an apparent IRS $8700 stimulus check to help boost the economy, though the government organization’s official website suggests that what blogs are reporting might not have much truth to it.
What You Need to Know About The Reported Expanded Child Tax Credit
Marca describes the stimulus as “part of an expanded Child Tax Credit” that was reportedly approved by President Joe Biden. It seems that every American isn’t eligible for $8700, as some falsely believe. Rather, POTUS allegedly wants to help struggling families with monthly payments of $350 per child (up to $8700) over six months beginning on June 15th.
Who Is Eligible For The Alleged IRS $8700 Stimulus Check?
Reports note that households earning under $75K annually can claim as a single filer, while married couples can earn up to $150K and still qualify; numbers are based on 2022 tax returns. Parents might not get the full amount available from the IRS $8700 stimulus check, but if the rumors turn out to be true, even $350/month can make a big difference. Children who qualify require a valid Social Security Number and must appear on the family’s most recent take return. Additionally, they must be legal US citizens/legal foreigners and cannot be a dependent of another tax filer.
Another source, Times Now, has shared similar information about the expanded child tax credit. They note that payment should be issued via direct deposit for those who have filed bank account info each month on the 15th from June to December while advising readers to check the IRS website for further details. Interestingly, nothing about the IRS $8700 stimulus check appears on their official page, so we’re skeptical as to whether you and your family should look out for money later this month. Should you receive any unexpected deposits you want to verify or unusual messages that might be scams, contact the government helpline at 800-829-1040 from 7 AM to 7 PM local time, Monday to Friday.
