Stimulus Check Time: How Are Parents Using Their Child Tax Credit?

by DailyBriefers

A majority of Americans plan on saving the child tax credit from President Joe Biden’s rescue package rather than spending it, according to a new poll.

The survey, conducted by the personal finance app Stash, found that roughly 57.5 percent of participants plan to save the child tax credit, while about 42.5 percent anticipate spending it. The results were first reported by CNBC.

“Ultimately, the goal for these payments should be to help alleviate money stress and get your family back on track, or better positioned to hit your long-term money goals,” Jeremy Quittner, editorial director and “resident money expert” at Stash, said.

Among those who plan to save the child tax credit, about 51 percent plan to put the money into a standard savings account, while nearly 23 percent said they will put it in a personal investment account. Other participants said they will save the credit by putting the money into custodial or retirement accounts.

“This further supports the trend we’ve seen this year with the surge in retail investing,” Quittner said, as millions of Americans have been eager to invest their money, particularly this year, with the extra pandemic cash from the federal government.

For those who plan to spend the enhanced child tax credit, the majority of participants said they plan to put the money toward basic essentials for children like school supplies. Other respondents said they plan to use the money to pay monthly bills or pay off debts.

“It’s important to remember that many people—young and old—are still working to find their financial footing,” Quittner said.

Biden’s $1.9 trillion American Rescue Plan boosted the child tax credit from $2,000 to $3,000 and allowed parents with children under the age of six to qualify for $3,600. The measure also permits parents of children at the age of seventeen to be eligible for the credit.

Rather than receiving the money as a lump-sum, parents with children under the age of six will get $300 monthly payments per child from July through December, and those with children between the ages of six and seventeen will receive $250 payments per child.

Individuals earning up to $75,000 are eligible for the full enhanced credit amount, as well as joint filers making up to $150,000 and heads of households earning up to $112,500. The amount will then drop by $50 for each $1,000 in income above these caps.

The payments will be distributed monthly by the IRS, starting on July 15, followed by August 13, September 15, October 15, November 15 and December 15.

The Stash survey polled over eleven hundred Americans, and nearly seven hundred of them were parents eligible for the new credit, according to CNBC.

Rachel Bucchino is a reporter at the National Interest. Her work has appeared in The Washington Post, U.S. News & World Report and The Hill.

Image: Reuters.

You may also like


my first cum bath review July 2, 2023 - 6:47 pm

Hi, I think your website might be having browser compatibility issues.
When I look at your blog site in Opera, it looks fine but when opening in Internet Explorer, it has some overlapping.
I just wanted to give you a quick heads up!
Other then that, awesome blog!

final thoughts on doghouse digital July 2, 2023 - 8:24 pm

you are truly a just right webmaster. The web site loading pace is amazing.
It kind of feels that you’re doing any distinctive trick.
Moreover, The contents are masterpiece. you have performed a excellent task in this matter!

overview of porn stream services July 2, 2023 - 9:12 pm

My brother recommended I may like this website. He used to be entirely
right. This put up truly made my day. You can not consider simply how so much
time I had spent for this information! Thank you!

eventos especiales de trios en valladolid August 17, 2023 - 3:07 pm

Hey there! This is my first comment here so I just wanted to give a quick shout out and tell you I truly enjoy reading your articles.
Can you suggest any other blogs/websites/forums that go over the same topics?
Thanks for your time!

hoe vind je een compatibele partner September 7, 2023 - 6:27 pm

Hello there, You have done a fantastic job. I will
certainly digg it and personally recommend to my friends.
I’m sure they will be benefited from this website.

de bästa restaurangerna och barerna för en romantisk middag September 8, 2023 - 4:38 pm

I’m impressed, I must say. Seldom do I come across a blog that’s
equally educative and entertaining, and without a doubt, you have hit
the nail on the head. The problem is something that not enough people are speaking intelligently about.
Now i’m very happy that I stumbled across this during my
hunt for something regarding this.

brutal x review September 15, 2023 - 9:56 am

After checking out a few of the blog posts on your site,
I truly appreciate your technique of blogging. I added it to my bookmark webpage list and
will be checking back in the near future. Take a look at my web site as well and let me know what you think.

benefits of booking a davyhulme escort September 16, 2023 - 6:37 am

Hello to every one, for the reason that I am genuinely keen of reading
this webpage’s post to be updated on a regular basis. It consists of nice information.

donger brothers review September 16, 2023 - 1:06 pm

Its like you learn my mind! You appear to know a lot approximately this, like you wrote the ebook in it or something.
I believe that you simply can do with a few percent to drive the message house a little bit, however
other than that, this is wonderful blog. A great read.
I will definitely be back.

bio ethanol burner October 16, 2023 - 5:40 pm

172771 685210Spot on with this write-up, I truly assume this web site wants considerably much more consideration. probably be once again to read much more, thanks for that information. 908199

Buy High Quality Marijuana Edibles Online October 30, 2023 - 3:22 pm

48956 416029Quite instructive and good bodily structure of topic matter, now thats user pleasant (:. 515312


Leave a Comment