A $2,000 payment to parents for their child meeting certain criteria upon a deadline is being made available by the IRS. This is part of national efforts at providing mothers and fathers relief through their economic status. Besides the fact that it is important to know eligibility requirements and when the cutoff must be between birth and adoption of the child for that child to qualify, here’s what one needs to know about making the claim for this payment.
Who Is Eligible for the $2,000 IRS Payment?
Here are the following criteria that parents must meet to allow their child to be entitled to the $2,000 payment:
- Child’s Age: The child must be younger than 17 at the time of payment. Such child should be born January 1, 2008 or later.
- Dependent Status: Children must be dependency children under the taxpayer, along with federal tax return forms associated with a social security number to be claimed as a dependent. Factors considered include relationship, residency, and support.
- Income Thresholds: All parents must meet further income thresholds with respect to payment. The entire sum of $2,000 goes to those families whose MAGI, modified adjusted gross income, does not exceed $200,000 in single filing or $400,000 in joint filing. The amount disbursed to families whose income exceeds this is still reduced but nevertheless available.
- Filing of Tax: A taxpayer files a return with the IRS with respect to the year for eligibility. The IRS will determine eligibility based on the most recent tax return you have filed.
- Residency: The child must meet the requirements of being either a US citizen or a US national and have resided with you in the United States for more than half a year.
Dues to Be Paid:
The Internal Revenue Service has set certain dates for meeting the requirements, and failure to comply with these criteria within the stated time will make you ineligible for the $2,000 payment. Most of the time, the eligibility cut-off date is based on the tax-year that applies to you. However, the IRS website will help you find the exact date relating to the current tax year.
How to Claim the Payment
In order to collect the $2000 payment, file your taxes on time and claim your child as a dependent. Otherwise, the payment will be included in your tax refund or directly deposit into the IRS’s direct deposit, depending on how you file.
That said, also keep all the accompanying documents related to your claim, such as proof of the child’s age, residency and relationship to you, because you may need to produce them for verification.
What If You Miss Deadlines?
If the deadline slips by and you can’t get the $2,000 payment in time, you can always try to apply for it on your next tax return. Just make sure that you still keep the watch for IRS updates and deadlines, or otherwise, it will be difficult to avail yourself of the financial help.
Conclusion
The IRS payment is a new $2,000 payment that comes with a big advantage for people who have families with children. Once you have the requirements and file on time, the payment will come without worrying you any further. Know more about these eligibility rules and deadlines; file taxes accurately to get this relief.
