$ 300 Child Tax Credit on Bank Accounts THIS WEEK
AMERICAN families will receive a $ 300 child tax credit this week.
The first checks began arriving in bank accounts on July 15, and about 36 million households will receive six payments by the end of the year. The next one will fall on Friday.
Some Americans may receive a letter from the IRS informing them that they are eligible to receive child tax credit payments, CNET reports.
The amount you receive will be based on your 2019 or 2020 income tax returns.
The expanded amount allows families to claim up to $ 3,600 per child under the age of six and $ 3,000 for children between the ages of 6 and 17.
Payments will be made in installments of $ 300 or $ 250 for eligible families that started July 15.
Subsequent payments will be deposited on the 15the of each month, except in the event of a conflict with a public holiday.
The remaining amount can then be claimed when filing your 2021 tax return.
To qualify for the full amount, couples must earn less than $ 150,000 and single parents who claim to be the head of the household must earn less than $ 112,500.
The IRS has launched a interactive eligibility assistant which determines whether Americans are eligible for payment of the Child Tax Credit.
It comes after the federal agency launched a portal for non-filers to verify their eligibility.
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The app is for low-income Americans who typically don’t earn enough to file a tax return.
You do not have to file an income tax return if you earn less than $ 12,200 per year as a single taxpayer or $ 24,400 as a married couple making a joint return.
Eligible individuals can use the app to provide the IRS with their name, address, and Social Security number.
Americans are also encouraged to add their bank details so that the agency can file the child tax credit payment on time.
Households can also check their eligibility using the tax credit calculator on CNET.
The tool allows families to enter their information anonymously and will tell people what they need to know.
The Biden administration extended the child tax credit to $ 3,600, from a cap of $ 2,000 under the US Family Plan.
The extension expires next year, but the president urged lawmakers to extend the program until 2025.