Look at Gawd! Starting July 15th, families will begin to receive the expanded child tax credit as part of President Biden’s $1.9 trillion coronavirus relief package.
On Tuesday, it was announced that families who qualify for the tax credit will be able to receive up to $3,600 for each child under the age of 6. Signed into law in March, an estimated 39 million families and 65 million children will benefit from the advance.
On Twitter, the Internal Revenue Service wrote, “#IRS will issue the advance #ChildTaxCredit payments on July 15, Aug. 13, Sept. 15, Oct. 15, Nov. 15 and Dec. 15. Each payment will be up to $300 per child under age 6 and up to $250 per child ages 6 through 17.”
As previously reported, half of the money will be from the monthly payments, and the other half will be available in a tax refund next year.
With this same bill, families received an additional $1,400 stimulus check. Those who qualified for the stimulus check will also receive the tax credit.
Families earning less than $150,000 or individuals making under $75,000 will receive $250 for children ages 6 to 17, and $300 for children under 6. In addition, families expecting another child this year are also eligible to receive stimulus payments, as the IRS allows parents to update their family size online.
If the IRS is not updated about new additions to families through its online portal, parents will have to wait until their 2021 taxes are filed to claim the $3,600 tax credit.
As we previously reported, the IRS has rolled out three stimulus payments for Americans so far, totaling $3,200 over the past year. So far, there have been talks about a possible fourth stimulus check, but there are no official plans for another check to roll out any time soon.
For more information about the new monthly stimulus checks, feel free to check out https://www.IRS.com.
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