Child tax credit checks have been going out to families. However, there are more on the way and plenty that families need to know. The payments are have come out the last two months, once in July and in August, respectively. All the payments have been scheduled for the 15th of the month, including the upcoming September payment.
The White House expanded the child tax credit to help families struggling as the economy rebuilds. Families can claim up to $3,600 per child under six years old and for children 6-17 years old, they can claim $3,000. These checks will cover half of the full allotment. Meanwhile, the second half will be fulfilled after filing tax returns next year.
Payments are to help low-income households make payments on food, housing, bills, and other necessities. Although unemployment is shrinking, families are still finding it difficult to make ends meet. With these expanded credits, families have been given new life and take care of their children and themselves.
While families can claim up to $3,000 or $3,600 depending on the age of their children, those payments come out to $250 and $300 per month. Of course, the IRS will need your income information from 2020 tax returns if you expect to receive payments. If you did not file in 2020, there are ways to make sure that the payments arrive in the mail.
Eligibility For Child Tax Credit
Previously, the regular stimulus checks that went out to a wide swath of Americans had some issues. There were some households and individuals that didn’t receive their checks or had to wait for checks. In order to make sure you and your family are eligible is to check your status with the IRS. If you are an individual that made less than $12,200 last year, you likely didn’t file or did not have to file. For couples filing jointly the same applies for those making under $24,400. Hopefully, the child tax credit checks go out without issue.
In total, 39 million families will receive the expanded child tax credit. If you are eligible and haven’t received the payments, check on the IRS website in order to correct the mistake. Some families have had a new dependant since filing their taxes. Other households will have direct deposits set up and will not get physical checks.
While the federal government has sent out millions of checks in the last two years, these issues remain. The system isn’t perfect, but these checks have been vitally important for families and individuals. Being able to stay above water for a lot of families means getting these checks in the mail and in their accounts. Working families that go from paycheck to paycheck can’t afford to miss these checks. With the IRS resources available families will be able to check their eligibility and update their information.