Navient To Cancel Student Loan Debt Worth $1.7 Billion

Student Loan Cancelled

As part of a massive new settlement, Navient will cancel $1.7 billion in student loan debt. In a deal with around twelve state attorneys general, creditors would eliminate the debts of tens of thousands of borrowers. Navient will provide $1.85 billion in student debt relief under the conditions and terms of a new settlement announced … Read more

IRS: Two $3,600 Payments Are Due In February 2022

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It’s expected that US lawmakers, both Republicans and Democrats, will approve some amount of additional payments to be made up for the January child tax payments that were postponed. According to Jen Psaki, White House Press Secretary, The United States, revealed earlier this month that President Biden is working on a bill to restore payments … Read more

Are You Eligible for Stimulus Checks This Tax Season? Check Here

According to CBS News, both formed parts of the Coronavirus Aid Relief and Economic Security Act implemented in March 2020.

It’s 2022 already. Tax season for many has started. Indeed, you might want to add some extra income in the form of stimulus checks or tax rebates. This article focuses on how much in terms of stimulus checks you are eligible for and how to go about claiming such payments and tax rebates during this … Read more

Stimulus Check Recipients Need To File Their Tax Returns In 2022 To Get Maximum Benefits

Millions of households across the US benefitted from the stimulus checks. The government introduced the benefits after the detrimental effects of the pandemic on low-income families. Eligible individuals might receive $1,400 while filing their 2021 tax returns.

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Marca reports that the Internal Revenue Service (IRS) will issue Letter 6475 in January notifying of the additional payments. The government introduced the stimulus payments in March 2021; it lasted until 2021.

Individuals Who Earned Less In 2021 Are Eligible For Extra Benefits

Many individuals have received their stimulus checks based on the old 2019 or 2020 tax information. The taxpayers who earned less in 2021 than 2020 are in line to receive the extra benefits. The eligible individuals can claim the payments under the Recovery Rebate Credit.

The non-filers will also need to file the tax returns to receive the benefits. Marca reports that the IRS sent Letter 6419 to the extended child tax credit recipients in 2021. After updating their tax information, the eligible beneficiaries will automatically qualify for the payments.

The government announced $3,000 to $3,600 payments for the families which suffered financially during the pandemic. The families whose annual income fell within the threshold received $250 and $300 per month for each child between 6-17 and under six, respectively. The eligible individuals have received the first half of the payments in six monthly payments.

The individuals will receive the remaining half of the payments while filing their tax returns in 2022. The deadline for the payments will be in April 2022. The citizens will have to file their tax returns in time to avoid any delay in the payments.

Low-Income Families Will Suffer A Lot

Families should check with the officials to keep track of the payments in the future. The IRS will issue notifications regarding the dates of the tax returns. The federal government decided to cease the child tax credit.

The future of payments remains bleak after the halt in approving the build-back better act. The children belonging to low-income families will suffer the most due to increasing inflation levels and increasing education expenses. The federal government needs to introduce various benefit schemes to low-income families to counter the economic crisis in times surrounding the pandemic.

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