The government will be sending several hundred dollars to parents this week via the Child Tax Credit, so we talked to some families need that money. “I want to be without that fear that I’ll come one day and there won’t be light in my home.'
Margarita Rodriguez is an early riser, waking at 3 a.m. to prepare for her 4:30 a.m. shift at a Passaic, N.J. delicatessen.
The monthly installments will be up to $300 for children under age 5 and up to $250 for children between 6 and 17. Rodriguez is expecting $550, comprising $250 for her 16-year-old son and another $300 for her five-year-old son. Her other son is 21, which makes him too old for the boosted CTC payments that pay for children up to age 17.
This year, the credit increases from $2,000 to $3,600 for children under age 6 and $3,000 for kids between age 6 and 17. Half the sum can be advanced and distributed monthly. Some people may see pending credits on their account ahead of those dates, she said, adding that paper checks will be mailed on or before the payment dates.
Current bank-account information America’s banks are ready to get the CTC advance payments to families, said Sarah Grano, a spokeswoman for the American Bankers Association, a trade organization. “Those eligible should make sure the IRS has their current bank-account information to ensure they receive their funds as quickly as possible.”The arrangement is similar to the way the government beamed out stimulus checks.
Officials at the IRS, Treasury Department, Bureau of Fiscal Services, Federal Reserve Banks and the Federal Reserve Board met with Nacha members a week before the first payments were due to discuss the best ways to use the network “to consistently deliver these payments each month from July through December 2021,” Nacha added.
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