Heads Up Parents: Child Tax Credits Are On The Way
Parents here in the Treasure Valley and beyond that are eligible for their monthly "Child Tax Credit" will be receiving a letter in the mail soon which will outline what to expect.
Yes, incase you were unaware, there really is some more relief on the way. While this isn't as hefty as another $1,400 stimulus check, for parents who quality this could come as a convenient helping hand. Then again, these days anything helps.
The American Rescue Plan passed in March--yes, the same plan that included stimulus checks--and a part of that outlined relief for parents. Americans that have qualifying children will receive an advance on the Child Tax Credit that normally would come during tax season. These payments or "advances" will begin on July 15th and will pay $300 for each child under 6-years-old while it will pay $250 for each child ages 6 though 17-years-old.
The letters that are on the way are going to outline this process in detail. If you're expecting these credits, do know that there is literature on the way for you. There is also an option involved with all of this as well.
If you decide you do not want the monthly credit payments, you can opt-out of the program. Some families that aren't in immediate need of these funds are choosing to do so because they would rather have all of the money at once, during tax-time. It's important to note that the monthly payments are coming from funds already coming your way at the end of the year--this is NOT additional to your tax credits at the end of the year.
Not sure if you're eligible? The Child Tax Credit will be going out to Americans with the AGI of:
- $75,000 or less for single filers
- $112,500 or less for heads of household
- $150,000 or less for married couples
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