Child tax credit: to be sent to 65 million families this week

According to the IRS, Tomorrow, July 15, the first payment of the new, expanded Child Tax Credit will be sent to some 39 million families, which together have about 65 million children.

Although the details of this loan have been announced for months, there are still families who do not understand very well how they work.

According to a survey by Ally Bank, nearly half of those surveyed were still unsure if they qualified and a quarter were unsure how to access credit.

“If you are a parent, my advice is to take a moment now and see if you are eligible and, if so, see how much of the child tax credit payment you could receive. That way, you can plan well, ”said Anand Talwar, Ally Bank’s consumer strategy and deposit executive, according to CNBC.

The enhanced tax credit became official in March, when President Joe Biden signed the American Rescue Plan. For 2021, the maximum credit that will be given is $ 3,600 for children under 6 years of age and $ 3,000 for those between 6 and 17 years old.

Half of the credit will be distributed as an advance on 2021 taxes in six monthly installments.

For households receiving the full benefit, Those payments will be $ 300 per month for children under 6 years of age and $ 250 for those between 6 and 17 years old..

There is no limit to the number of children who can receive the credit per family.

Most families in the United States qualify to receive at least a certain amount of money.

The full credit is available to married couples with children who file taxes jointly and have an adjusted gross income of less than $ 150,000 or $ 75,000 for individuals.

The credit is phased out for taxpayers earning more money and is not given to individuals earning $ 95,000 or more or married couples earning $ 170,000 or more who file jointly.

Taxpayers who earn more than these amounts will still be eligible to receive the regular (unexpanded) child tax credit., which is $ 2,000 per child under 17 for families earning less than $ 200,000 a year, or $ 400,000 for married couples.

–You may also be interested in: IRS sends 4 million extra tax refunds this week

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