Here, you will locate the crucial details regarding the IRS $8700 Stimulus Check Claims Are Fake: IRS Is Not Sending CTC Stimulus Anytime Now. During the COVID-19 pandemic period, the US government held out stimulus check payments for taxpayers to cope with the economic crisis. Under the ARPA, CAA, and CARES Act, the government has shared three check payments totaling around $814 billion per Pandemic Oversight. Therefore, some claims linked to the $8700 stimulus check are making rounds on the internet with a source of suggested expanded CTC. Continue browsing this article to know about the IRS $8700 Stimulus Check Claims Are Fake, No CTC Stimulus, and more.
IRS $8700 Stimulus Check Claims Are Fake
Have you seen headlines or social media posts claiming the IRS is sending out a whopping $8,700 stimulus check? It’s tempting to believe it, especially with rising costs. Unfortunately, these claims are entirely false.
The last round of federal stimulus checks, distributed under the American Rescue Plan Act of 2021, has been completed. The IRS does not plan to issue any further stimulus payments.
No legislative action has been taken for new stimulus checks to be issued; for the IRS $8700 Stimulus Check, there haven’t been any such legislative proposals gaining traction.
The IRS’s leading website and official social media channels haven’t issued any announcement regarding a new round of stimulus checks. All these claims are fake, and the government’s economic focus seems to have shifted from one-time stimulus payments to targeted assistance programs and long-term economic recovery measures.
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IRS Is Not Sending CTC Stimulus Anytime Now
The recent rumors about the IRS distributing a new round of $8,700 Child Tax Credit stimulus checks are entirely false. Currently, there haven’t been any legislative proposals gaining traction in Congress to issue new stimulus payments, including those related to the CTC.
The CTC is a tax credit program created to help eligible families with the cost of raising children. Therefore, the CTC isn’t distributed as a one-time check. It’s a credit used when filing tax returns, reducing the amount of tax owed, or resulting in a refund.
The CTC program was indeed developed for the tax year 2021 via the American Rescue Plan Act of 2021. This expands the credit amounts for qualifying children. Eligibility was extended to more middle-income families, and monthly advanced payments were made available throughout 2021 for eligible recipients who automatically renewed.
For the tax year 2023, typically filed in 2024, the credit amount reverted to pre-expansion levels, and monthly advanced payments are not offered. However, eligible taxpayers can still claim the CTC when filing their tax returns.
Recognizing Scams and Protecting Yourself
The promise of a large, free check can be a prime target for scammers. Here are some key points that help you to identify and avoid scams related to stimulus checks:
- It is probably true if someone offers you an unrealistic offer that sounds too good to be true. Be wary of claims for excessively high amounts or immediate payouts.
- Scammers often use suspicious communication, such as calls, emails, or text messages. However, the IRS will never initiate contact demanding personal information or immediate payment.
Scammers might also create face portals or emails to mimic the IRS. Don’t click on suspicious links or enter your personal details.
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All We Know
No IRS $8700 Stimulus Check will be coming. This news is a rumor, often traced back to unreliable websites seeking clicks and ad revenue. Some versions of the rumor connect the $8,700 figure to an expansion of the Child Tax Credit. While the CTC indeed expanded in 2021, it’s not distributed as a one-time payment. The credit applies when filing a tax return, reducing the amount owed, or resulting in a refund.
However, the IRS does not plan to issue new CTC stimulus checks. The CTC is a tax credit program, not a direct payment. The 2021 expansion of the CTC is not currently in effect for tax year 2023. Eligible taxpayers can still claim the CTC when filing their tax returns.
By relying on official sources like the IRS website and Benefits.gov, you can ensure you have accurate information about the IRS $8700 Stimulus Check and CTC and avoid being misled by false rumors.
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