In recent months, there has been significant online discussion regarding a possible $8,700 IRS “stimulus check” available for dependents in November 2024. This rumor has circulated widely, leading to confusion among taxpayers seeking financial assistance. However, the IRS has not announced any new federal stimulus program offering such a specific amount. Here’s a comprehensive look at what is known about potential tax credits, relief programs, and how to avoid scams associated with these claims.

Understanding the $8,700 Rumor

The notion of an $8,700 stimulus check for dependents appears to be a misunderstanding or misinterpretation of existing programs. During the COVID-19 pandemic, stimulus payments were issued to aid Americans through economic hardships, but these payments were significantly lower in value than the amount mentioned in the rumors. According to sources, the $8,700 figure may have been mistakenly associated with cumulative tax credits or misunderstood social media posts rather than any new government program .

Verified Federal Tax Credits and Benefits for Dependents

Although the IRS has no $8,700 stimulus check, other programs exist that could offer relief to families, including tax credits:

1. Child Tax Credit (CTC): Eligible parents can receive up to $2,000 per child under the current Child Tax Credit structure. While there were discussions about enhancing this credit in 2021 and 2022, the current cap remains at $2,000 per child, unless additional adjustments are approved in future legislation.
2. Earned Income Tax Credit (EITC): This benefit provides financial relief for low- and moderate-income earners. Depending on income and family size, it can offer significant assistance to families, with credits potentially reaching over $7,000 in certain cases, although the specifics vary widely .
3. State-Level Programs: While the federal government has not introduced new stimulus checks, some states have initiated their own financial relief programs. These may include property tax rebates, inflation relief, or other state-specific credits. Eligibility and amounts differ by state, so residents should check with local tax authorities or state government websites for details.

How to Avoid Scams

Due to the persistent rumors about new stimulus checks, the IRS has issued warnings about scams that target vulnerable taxpayers. Here are steps to protect yourself:

• Verify Information Through Official Sources: Always refer to official IRS channels, such as IRS.gov, for updates on federal relief payments or tax credits. The IRS does not contact taxpayers by email, text, or social media regarding payments.
• Be Wary of Unsolicited Communication: Scammers often pose as IRS agents, calling or emailing individuals about supposed stimulus checks to obtain sensitive personal information. The IRS will not demand immediate payments or ask for details without prior formal correspondence.
• Report Suspicious Activity: Any suspicious calls or messages should be reported to the IRS or the Federal Trade Commission (FTC) to protect yourself and others from these frauds.

FAQs

1. Is there a new IRS $8,700 stimulus check?
No, there is no confirmed stimulus check of this amount from the IRS. The $8,700 figure likely stems from rumors or misunderstandings regarding cumulative tax benefits.

2. What benefits can families claim for dependents in 2024?
Eligible families can claim benefits like the Child Tax Credit (up to $2,000 per child) and the Earned Income Tax Credit, depending on income and family size. Some states may also offer relief programs.

3. How can I avoid scams related to stimulus check claims?
Always verify claims through official IRS channels, avoid giving personal information to unknown callers or emailers, and report any suspicious messages to the IRS or FTC.