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President Joe Biden’s $ 1.9 trillion aid bill includes a round of stimulus checks and an amendment to the system of child tax credit than in total only these two programs could grant more than $ 12, 000 dollars for a family in the United States .
How much will the sum of all payments be worth for a family with two children?
From 1969 the size of families in the United States has decreased from drastically. In that year a family had 2. 33 children on average .
According to the Statista website during the year 2020 an American family had 1. 93 children on average , so we can assume that a household with two children is the most common in the country .
With two parents who file taxes jointly and with two children under 18 years the resources of the American Rescue Plan can be a good news.
In case the family had a child under the age of six and another older, they should receive the following payments from the IRS up to December of 2021:
For a $ 1 stimulus check, 400 dollars multiplied by 4 members, the family would receive $ 5, 600 Dollars.
For monthly payments of the child tax credit under six years the family would receive $ 1, 800 Dollars. Which would be $ 400 dollars multiplied for 6 months.
For monthly payments of the tax credit for children over six years the family will receive $ 1, 500 Dollars. What would be the result of multiplying $ 250 dollars for 6 months.
An average family with two children would receive at the end of the year $ 3, 300 dollars for child tax credit that added to the $ 5, 600 dollars per stimulus check the family would receive at the end of the year a Average $ 07, 200 Dollars.
Related: Dates the IRS will send the other 5 child tax credit checks
Support provided by the IRS
The third round of stimulus checks provided $ 1, 400 dollars to individual taxpayers with an adjusted gross income less than $ 75, 000 dollars and $ 1, 400 dollars to each of the married couples earning less than $ 150, 000 dollars.
For the first Once, dependent adults, such as college students, the elderly, and disabled adults, will also be entitled to the payments. Dependent children continue to be entitled to receive the full amount .
The child tax credit nearly doubles the maximum amount offered to parents , since children under the age of six will receive an annual total of up to $ 3, 600 Dollars. Children between six and 16 years will receive a maximum of $ 3, 000 Dollars annual .
The IRS has started to automatically send the first batch of monthly payments : $ 300 dollars for children under six years and $ 300 dollars for between six and 17 years. These payments will continue until December 2021, at which point the remaining six months of payments will be issued as a one-time tax credit to reduce the household tax bill or to increase the size of the tax refund .
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