Rumors of an $8,700 stimulus check purportedly issued by the IRS have been circulating widely on social media. These claims suggest that this hefty payment is linked to an expanded Child Tax Credit, proposing monthly payments of $350 per child over six months, starting June 15th. Let’s delve into the facts and clarify the reality of these rumors.
The Source of the Rumors
The origin of these rumors can be traced back to various unofficial sources, including a report by The US Sun. The narrative claims a proposed expansion of the Child Tax Credit, designed to provide financial relief to struggling families, culminating in the supposed $8,700 total.
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Official Stance from the IRS
Contrary to these claims, there has been no official confirmation from the IRS or any other government agency regarding the issuance of an $8,700 stimulus check. In fact, the IRS has issued a cautionary statement on social media. They advised taxpayers to be wary of misleading tax advice online, which can often put them at risk.
“There are many different kinds of social media content, including tons of misleading tax advice that can put you at risk,” the IRS stated on X, formerly known as Twitter.
Historical Conte|xt of Stimulus Checks
During the COVID-19 pandemic, the U.S. government did indeed distribute stimulus checks to help citizens cope with economic challenges. These checks were part of three significant legislative packages:
- CARES Act: Signed into law in March 2020, it provided $1,200 per individual and $500 per child.
- Consolidated Appropriations Act (CAA): Enacted in December 2020, it included $600 direct payments to individuals and additional unemployment benefits.
- American Rescue Plan Act (ARPA): Signed in March 2021, it offered $1,400 per individual and extended various other relief measures.
Current Child Tax Credit
While the rumors of a new $8,700 stimulus check are unfounded, there are existing benefits under the Child Tax Credit law. As of 2023, eligible families can claim up to $2,000 per qualifying child. To qualify, the child must:
- Have a Social Security number.
- Be under 17 years old at the end of 2023.
- Be claimed as a dependent on the taxpayer’s return.
Conclusion
The claims of an $8,700 stimulus check being issued by the IRS are unsubstantiated. It’s crucial for Americans to rely on official sources and verified information when it comes to financial assistance and tax-related matters. While the expanded Child Tax Credit does offer substantial support, it does not align with the amounts being circulated in these recent rumors.
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