Last Thursday, the IRS and the Treasury Department began issuing Child Tax Credit Payments to American families. Keep reading to learn more about this relief measure and discover who qualifies, how much you could get, plus some useful online tools.
Child Tax Credit: What You Need to Know
In our previous post, we covered the basics of the Child Tax Credit. To recap: these are payments included in the American Rescue Plan, a federal initiative geared toward helping families affected by the coronavirus pandemic. Here are some quick facts you need to know:
- People who qualify received their first Child Tax Credit payment last Thursday, July 15, 2021.
- The first batch of payments amounted to about $15 billion and benefitted 35 million American families.
- The payments will be delivered throughout 2021 as follows: August 13, September 15, October 15, November 15, and December 15.
- Each payment is up to $300 per month for each child under six and up to $250 per month for each child who’s six to seventeen years old.
- All families will receive the full credit if they make up to $150,00 a year for couples or $112,500 for families with a single parent.
- If you received the first payment you will receive the other payments as well, unless you decide to unenroll.
- The IRS has created three online tools related to the Child Tax Credit Payments: the Child Tax Credit Update Portal allows you to manage your payments; the Child Tax Credit Non-Filer Sign-Up Tool was made so people who were not required to file a 2020 tax return can sign up for the payments; finally, the Advance Child Tax Credit Eligibility Assistant helps you determine if you qualify for the payments.
If you need further assistance, don’t hesitate to contact our friendly experts at Delgado’s Insurance. We’ll be glad to answer all your tax-related questions.
Need Help With the Child Tax Credit? Contact the Tax Experts at Delgado’s Insurance
If you are looking for assistance with your tax return, the child tax credit, or any other tax topic, contact our experts at Delgado’s Insurance. Our mission is to help you make sense of your options to reduce your liability and maximize your deductions while staying compliant with all relevant laws and regulations.
We have locations in Riverside, California, and Bloomington, California. Contact us today by telephone (951-361-0084, 909-421-9003), email (email@example.com), or through our social media accounts (Facebook, Twitter) to get a free quote and learn more about our wide array of services.