Connect with us

News

Child Tax Credit: What You Need To Know

The Child Tax Credit was extended and officially started July 15.

Unheard Voices Magazine

Published

on

Child Tax Credit
Photo by Pixabay: https://www.pexels.com/photo/people-standing-on-dock-during-sunrise-39691/

The Child Tax Credit was extended and officially started July 15.

The IRS will begin disbursing checks to eligible families with children ages 17 or younger.

The new enhanced credit is part of a federal government effort to use the tax code to help low- and moderate-income families weather the ongoing challenges of the pandemic.

Here’s what you need to know:

1. More Parents Qualify For The Child Tax Credit

Households earning $112,500 and joint filers making up to $150,000 are qualified.

Single taxpayers must earn less than $75,000.

For many families, the credit then plateaus at $2,000 per child and starts to phase out for single parents earning more than $200,000 or for married couples with incomes above $400,000.

2. Some Undocumented Parents Are Eligible

If a parent isn’t a citizen, they can still receive the money as long as they have individual taxpayer identification numbers (ITIN) and their children have Social Security numbers.

Check your eligibility.

3. The amount families will receive varies and depend on income and family size.

According to CNN, “Eligible families can receive a total of up to $3,600 for each child under 6 and up to $3,000 for each one age 6 to 17 for 2021. That’s an increase from the regular child tax credit of up to $2,000 for each child up to age 17.”

See also  Bishop Eddie Long speaks publicly, says he'll fight allegations

The funds will be given out on the 15th of each month from now until the end of the year.

Payments will be delivered through a direct deposit, paper check, or debit card.

Don't miss out!
Subscribe To Newsletter

Receive the latest in news, music, and issues that matter. 

Invalid email address
Give it a try. You can unsubscribe at any time. We will never spam your inbox.

Parents will get half their credit, up to $300 a month for each child under age six and up to $250 for each one ages 6 to 17.

Parents can claim the other half when they file their 2021 taxes in 2022.

Check to find out if you’re enrolled to receive advanced payments at an IRS portal.

Can receive a lump sum

If you rather receive your payment as a lump sum, you can opt-out of the monthly installments.

4. Non-Filers Can Receive Payments

Most families will get the credit automatically and don’t have to do anything since they filed 2019 or 2020 returns claiming the credit.

However, if you didn’t file a tax return recently or used the non-filer tool, you must take action.

CNN reports, “They can use another IRS portal to register to receive the enhanced child tax credit. The sign-up tool allows users to provide the necessary information about their households and, if they choose, their bank accounts so the agency can directly deposit the funds.”

What are the dates for the other payments?

The IRS says the monthly payments will be disbursed on these dates:

  • July 15
  • August 13
  • September 15
  • October 15
  • November 15
  • December 15

The expanded Child Tax Credit should help parents pay for basics such as child care, groceries, school supplies and the costs of raising a family, experts say.

See also  The Fiscal Cliff: In Depth

For more information on The Child Tax Credit on The White House website.


----------------------------------------------------------
Connect with Unheard Voices on Twitter, Facebook, TikTok, Instagram, YouTube

Download the app on Google Play or ITunes.
----------------------------------------------------------
Unheard Voices Magazine is a news reporting platform covered under Copyright Disclaimer Under Section 107 of the Copyright Act 1976, allowance is made for "fair use" for purposes such as criticism, comment, news reporting, teaching, scholarship, and research.

Unheard Voices is an award-winning news magazine that started in 2004 as a local Black newsletter in the Asbury Park, Neptune, and Long Branch, NJ areas to now broaden into a recognized Black online media outlet. They are the recipient of the NAACP Unsung Hero Award and CV Magazine's Innovator Award for Best Social Justice Communications Company.

Continue Reading
1 Comment

1 Comment

  1. Pingback: Guests of Royalty (Ghana Session) | Unheard Voices Magazine

Leave a Reply

Facebook

Tags

Archives

unheard voices shop
unheard voices on google play unheard voices on itunes

Trending