The First Child Tax Credit Payments Go Out To 65 Million Kids This Week “65 million kids are expected to receive extended child tax credits from the government this week. Here’s information on who qualifies and how families can claim their credits.”
“This plan gives those families who are struggling the most the help and the breathing room they need to get through this moment,” President Biden said in March when he signed the enhanced child tax credit into law.
The credit is part of the American Rescue Plan. For 2021, it allows for a maximum tax credit of $3,600 for kids younger than age 6, and $3,000 for kids between ages 6 and 17. The credit will be distributed in monthly installments for the rest of the year: $300 a month for families with kids younger than 6, and $250 a month for families with kids 6-17. There is no limit on how many children a family can receive child tax credits for.Most American families will receive some money.
Families who are eligible for child tax credits but have not filed taxes for either year can sign up through the IRS non-filers’ tool., as most of the payments will be sent to Americans via direct deposit. If the IRS doesn’t have direct deposit information for your family, it will mail you a check.The first payments are going out this week. Future payments will be made on Aug.13, Sept. 15, Oct.15, Nov. 15, and Dec. 15.
Monthly payments are only scheduled through the end of this year, which means families will be able to collect about half their tax credit in installments. Currently, the plan is for families to collect the other half of the child tax credit as a refund when they file their 2022 taxes, but that may change in the future.Sort of.
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