The IRS promises payments for children for 90% of families: who will receive and how much
Eligible families will receive benefits from July 15, writes ABC News.
The vast majority of American families with children will automatically receive up to $ 300 a month per child starting July 15, the IRS and the US Treasury announced on May 17.
The IRS said families eligible for the Child Tax Credit, which was expanded as part of the President's $ 1,9 trillion bailout plan, will receive monthly payments with no further action. Initial eligibility will be based on 2019 or 2020 tax returns.
The changes increased the child tax credit from $ 2000 to $ 3000 for children over 6 and up to $ 3600 for children under 6 (you can find out what benefits your family is eligible for using this COVID-19 Assistance Calculator).
Biden said the change is part of his belief that the tax system "should work for the middle class."
“This is why I think we should ask corporations and the top 1% to start paying their fair share, and why we should deal with millionaires and billionaires who cheat on tax evasion,” Biden said. "But I also believe we should give regular families tax breaks to help them cover the costs of raising children."
He previously demanded that Congress keep the increased tax credit, which only applies to 2021 taxes.
“The American Bailout Plan provides critical tax breaks for middle class and troubled working families with children. With today's announcement, about 90% of families with children will receive the new tax credits automatically starting in July. For working families with children, this tax cut is a clear signal: help is here. "
In an interview with reporters, senior Biden administration officials said 39 million households with 65,25 million children would automatically receive monthly payments through direct deposit, paper checks, or debit cards.
Direct payments will be made on the 15th of every month until the end of 2021, possibly a day before or after if the date falls on a public holiday or weekend.
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Along with the increased amount, there is one notable change: families receive checks within a year, instead of waiting for their tax return. Biden praised the change during his May 17 performance.
“Here's great news: you don't have to wait until next year to file your tax return to get this benefit,” Biden said. “Today I announce that from July 15th and the 15th of every month thereafter throughout the year, you will receive at least $ 250 per child per month in your bank account.”
Expanded credit will “lift or move 9,9 million children above or near the poverty line, including 4,1 million Hispanic children, 2,3 million black children, and 441 children of Asian descent ”. "
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