THIS is a big week for tens of millions of Americans, who are anxiously waiting for their bank accounts to appreciate.
As inflationary raging across the country, any form of payment Americans receive will help offset the impact of rising costs.
Below, we explain the big changes you need to watch out for this week.
Paying the Child Tax Credit
Today, the Internal Revenue Service will send the fifth part of the child tax credit payment.
Typically, tax credits are worth $300 for families with children under the age of six and $250 for each child aged six to 17.
To qualify for the payments, couples need to earn less than $150,000 and single parents applying as head of household need to earn less than $112,500.
We break How much will your family receive? – this depends on many different factors.
California stimulus test
Another stimulus check is geared towards California residents.
Is a part of Golden State Stimulus II, 750,000 Californians are receiving $1,100 in payments.
Before the latest wave, 5.65 million stimulus checks sent under the program – with 3.35 million left to go out.
To qualify, those must earn less than $75,000 annually.
Today is the last day for low-income Seattle residents to take action and receive a stimulus check worth up to $3,000.
Under Seattle Relief Fund, applicants must be 18 years or older.
And you must be earning less than 50% of the Seattle area median income, less than $40,500 for an individual or $57,850 for a family of four.
Eligible people will receive a one-time payment of $1,000 to $3,000; How much you get depends on your household size.
In addition, people living in the state of Maine are receive a one-time stimulus check today.
Governor Janet Mills said 524,754 working Maine residents will receive a disaster relief payment of $285.
This money is as a thank you to those who have worked during the pandemic.
To qualify, you’ll need to file a Maine individual income tax return as a full-time resident for the 2020 tax year by October 31, 2021.
Applicants must earn less than $75,000 to qualify.
If you are married filing jointly and head of household, your income must be less than $150,000 and $112,000, respectively.
Another thing to watch out for this week is gas price – has increased sharply in recent months.
In particular, gas prices in California rose to a record high of $4,682 on Monday, according to American Automobile Association (AAA).
Meanwhile, the national average is $3,415. While this is slightly below last week’s average – it is still significantly higher than last year.
We explain how some families with children under 13 can get surprise stimulus payments up to $8,000.
And Americans who live in 14 states including Michigan, Florida and Ohio may receive a surprise stimulus test.
In addition, some cities and states are offering general basic income – a set of periodic payments that individuals receive from the government.
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https://www.the-sun.com/money/4071774/big-money-changes-november/ | Five big changes this week that could affect your finances