Low Income Families May Get a Big Check from the IRS: You Need to Act Fast
Low-income families who are eligible for the Monthly Advance Child Tax Credit but have not signed up yet can receive $ 1800 per child in one payment the following month. But to do this, they should register before Monday evening, November 15th. What needs to be done, said the publication WTOL11.
A recent poll by the Center for Tax Policy shows that many of the lowest income earners are among those who are not currently receiving funds. The group calls on government agencies and community outreach groups to bring messages to these people.
The loan is $ 3600 per year for children under the age of 6 and $ 3000 for children between the ages of 6 and 17. Half of that money was available this year in monthly payments that began in July.
Tens of millions of eligible families have been automatically credited to monthly payments (with the option of waiving) based on their 2020 tax returns.
But others, especially those whose incomes in 2020 were so low that they were not required to file returns, had to register with the U.S. Internal Revenue Service (IRS). Typically, these are people who earned less than $ 12, or married couples who earned less than $ 400 in 24.
Many of these people may not have received payment news or knew they needed to register. It could be hundreds of thousands of Americans without permanent housing and no IRS contact information.
November 15 at 23:59 pm is the deadline for low-income families to sign up for upfront payments using online IRS tool... Families are free to submit documents in English or Spanish. The IRS said those who register on time can receive all the money they owe this year in one payment on December 15th. This means that families with two children will receive between $ 3000 and $ 3600 in one payment.
Many low-income Americans don't get the Child Tax Credit
A study by the Center for Tax Policy found that 44-54% of racial adults with incomes below $ 25 reported receiving payments. This is 000-7% lower than the same racial groups with an income of at least $ 18.
“While upfront payments help families with children meet basic expenses and improve their finances, payments do not reach many of the families who are likely to be eligible, and people with the lowest incomes report the lowest payment receipts,” the report says. the report of the Center for Tax Policy. "Federal and state agencies, local officials, schools and community organizations can provide support and assistance to eligible families who have not received or requested this loan."
You may be interested in: top New York news, stories of our immigrants and helpful tips about life in the Big Apple - read it all on ForumDaily New York
Among the reasons for the introduction of monthly payments and poverty reduction. One study found that this can reduce child poverty by 45%. The idea is this: instead of receiving a lump sum while paying taxes, parents will receive money as needed for needs such as food, clothing, diapers and childcare.
Child Tax Credit Extension until 2022 in limbo
The monthly child tax payments expire after the last payment on December 15th. The one-year loan extension is part of the Build Back Better Social Program Bill, which is under consideration by Congress. But the vote on this bill, which has become the subject of intraparty battles between progressive and more financially conservative Democrats, has been postponed.
If the loan is extended, the Tax Policy Center is urging Congress to consider how to ease the administrative burden on low-income families in raising funds.
Read also on ForumDaily:
stdClass Object ([term_id] => 12 [name] => In the US [taxonomy] => category [slug] => novosti-ssha)In the U.S.
stdClass Object ([term_id] => 690 [name] => taxes [taxonomy] => post_tag [slug] => nalogi)taxes
stdClass Object ([term_id] => 3223 [name] => child [taxonomy] => post_tag [slug] => rebenok)child
Let's face the crisis together and support each other
Thank you for staying with us and trusting! Over the past 5 years, we have received a lot of grateful feedback from readers, whom our materials have helped to arrange life after moving to the United States. We have big plans, we do not want to stop or slow down the pace of work. Even now…
The COVID-19 pandemic has negatively affected our income, and in order to stay afloat, we have to ask YOU for support. We will be grateful for any amount and will make every effort to continue to publish news and a lot of useful information just as quickly.
Thank you for being with us!
Always yours, ForumDaily!
Security of contributions is guaranteed by the use of the highly secure Stripe system.
Do you want more important and interesting news about life in the USA and immigration to America? Subscribe to our page in Facebook. Choose the "Display Priority" option and read us first. Also, don't forget to subscribe to our РєР ° РЅР ° Р »РІ Telegram - there are many interesting things. And join thousands of readers ForumDaily Woman и ForumDaily New York - there you will find a lot of interesting and positive information.