Tax credits for children are starting to be paid in the USA: what you need to know - ForumDaily
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In the USA, they begin to pay tax credits for children: what you need to know

The Internal Revenue Service (IRS) will begin sending extended child tax credits to tens of millions of families starting July 15, providing them with additional funds every month until the end of 2021, along with tax credits next year. Everything you need to know, said the publication CNN.

Photo: Shutterstock

The payments were approved as part of a $ 1,9 trillion bailout package that US President Joe Biden signed in March.

These loans can be of greatest benefit to low-income families by nearly halving child poverty.

Who will receive the loan

The full extended loan will be available to households earning $ 112 per year and joint filing couples earning up to $ 500 per year, after which payments will gradually begin to decline.

For many families, benefits will stabilize at $ 2000 per child and will be phased out for single parents earning more than $ 200 or for married couples with income above $ 000.

Lower income parents will also be eligible for the Child Tax Credit because the benefit package makes it fully refundable. It was only partially reimbursable, as a result of which about 23 million children were unable to receive full credit due to the too low income of their families.

On the subject: How can you live in the US without credit when you have 13 children

Non-citizen parents can receive payments for their citizen children if they have individual taxpayer identification numbers (ITINs) and their children have social security numbers.

Families can check their eligibility for IRS website.

However, the extended loan is only granted for 2021, although there is the possibility of extending it.

How much will you get

It depends on the income and the size of the family.

Eligible families can receive a total of up to $ 3600 for each child under 6 and up to $ 3000 for each child between 6 and 17 in 2021. This is an increase over the regular child tax credit of up to $ 2000 for each child under 17.

When you get the money

Parents will receive half of their credit—up to $300 per month for each child under age 6 and up to $250 per child between ages 6 and 17. Payments will be made on the 15th of each month, excluding weekends or holidays.

They may require the other half when filing their 2021 tax return next year.

Parents can check if they are registered to receive advance payments at the IRS portal... Families who wish to receive a lump sum payment can opt out of monthly payments on the portal.

What you need to do to get money

The vast majority of families—approximately 39 million families containing 88% of children—will receive the credit automatically because they filed 2019 or 2020 returns claiming the credit.

The IRS will also send payments to Americans who have previously used the portal. non filer to register for quarantine payments.

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.

According to the department, parents of more than 65 million children will receive monthly payments through direct deposit, paper checks or debit cards. About 80% of payments will be sent via direct deposit.

But families that haven't filed tax returns or haven't used a non-filer tool lately should take action. They can use the IRS tool to register and receive an Extended Child Tax Credit. The registration tool allows users to provide the necessary information about their households and, if they wish, their bank accounts, so that the department can deposit funds directly.

In early August, the IRS will allow parents to update their mailing address, and later in the summer, the agency will allow families to update their income and marital status, as well as the number of dependents, which is important for anyone with children born in 2021.

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