A $500 one-time stimulus payment is available to American households with adult children aged 18 to 24 years old.
Members of the Family Could Receive $500 Stimulus Checks
In a recently article in The U.S. Sun, Parents who are caring for 18-year-old dependents are eligible for a maximum of $500 in child tax credits. Dependents between the ages of 19 and 24 must be enrolled full-time in college to be eligible for the $500.
CNET also reports that if you have 18-year-old dependents, they may be eligible for a $500 contribution to your child tax credit. If you have a dependent between the ages of 19 and 24 who are enrolled full-time in college, they may be eligible for a $500 contribution to your total payment. When you submit your taxes in 2022, you will get that money.
It will also be determined by the length of time the dependent has lived with the family and their economic level. However, the additional $300 advanced child tax credit installments are not available to the dependent.
Congressman Steve Cohen explained “Age is determined on December 31, 2021. If your child turns 18 this year, then they are not eligible for the monthly Child Tax Credit. However, the American Rescue Plan did provide for a one-time credit of $500 for dependent children aged 18 and for dependent full-time college students aged between 19 and 24.”
Who are More Likely To Qualify?
Those who are qualified will get a one-time payment, with dependents up to the age of 24 who are enrolled full-time in school being eligible. While college students were not eligible for stimulus checks, families that qualified for tax credits may get $500 for children aged 18 to 24.
Households with two parents earning up to $150,000 combined, as well as families with a single “head of home” earning up to $112,500 a year, will be eligible for the credit. The credit will be available to single parents earning up to $75,000 per year.