- Some families may receive up to $ 16,000 for the care of your children as part of the Child Tax Credit
- This aid is aimed at families who earn less than $ 125,000 yearly
- Those who earn between $ 125,000 and $ 183,000 annually may also qualify for a lower amount.
MORE MONEY FOR FAMILIES. Some families may receive up to $ 16,000 for the care of your children as part of the Child Tax Credit and this amount has nothing to do with the monthly checks advanced. We explain more about this additional help.
According to him Internal rents service (IRS), this aid is “a credit allowed for a percentage of the work-related expenses incurred by a taxpayer for the care of qualified persons to allow him to work or look for work”, but how does all this work?
Some families could receive up to $ 16,000 for the care of their children
As of July 15, the IRS began providing families with advance monthly checks of up to $ 300 for each child under the age of 6 and up to $ 250 for each child between the ages of 6 and 17. So far, they have sent the checks for July, August, September and October, with those for November and December pending.
But the help for families does not end there, because the Child Tax Credit also includes for each family that wins less than $ 125,000 the equivalent of 50% of the expenses incurred for the care of a child under 13 years of age or of a spouse, parent or dependent who cannot care for himself, up to a maximum amount of $ 8,000 dollars.
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Receive up to $ 16,000
Payment of up to $ 8,000 is stipulated for the care of a single dependent, but if a family cares for two or more eligible dependents, then they can receive assistance of up to $ 16,000 dollars that allow them to cover the expenses they have for the care of these relatives.
Of course, these would be the maximum aid amounts that would be awarded to eligible families earning less than $ 125,000 annually. However, if a family earns between $ 125,000 and $ 183,000 annually, it could still qualify, although it would only receive the equivalent of 20% of the expenses, he explained. iHeart.
How to claim my $ 8,000 dollars?
The IRS has indicated that beneficiaries do not have to take any action to receive the monthly checks for the Child Tax Credit; but to receive help for the care of a dependent yes. Families will need to complete the Form 2441, where they show their income and give information on the expenses they incur for the care of their dependents.
In addition to dependent care funds, the IRS continues to send monthly advance checks to millions of families and plans to continue to do so on the 15th of each month through December. The tax collection agency only has to send the check of November 15 and December 15.
Up to what age do children qualify for the Child Tax Credit?
Child Tax Credit payments are available to families with children Up to 24 years! Although the advance monthly checks are only provided for young people up to 17 years old, there is also help for a smaller amount for the older ones, he pointed out. The Sun.
Congressman Steve Cohen explained that “age is determined on December 31, 2021. If your child turns 18 this year, then he is not eligible for the monthly Child Tax Credit. However, the American Rescue Plan provided a one-time credit of $ 500 for dependent children age 18 and for dependent full-time college students ages 19-24. “
Do I qualify for assistance?
According to the IRS, couples earning less than $ 150,000 annually or single parents earning less than $ 112,500 annually qualify for maximum aid. Parents of dependent youth ages 17 to 24 also qualify for $ 500.
The American Rescue Plan indicates that this year eligible families will receive a total of up to $ 1,800 for each child under the age of 6, and up to $ 1,500 for each child between the ages of 6 and 17. That is, the monthly advance payments that will arrive between July and December will be up to $ 300 for children under 6 years old and up to $ 250 for children between 6 and 17 years old.
How does the Child Tax Credit work?
According to legislation passed in March, families will receive up to $ 3,600 for each child under 6 years of age and up to $ 3,000 for each child between 6 and 17 years old. The first half of that money will come through the six monthly advance payments from July to December. Parents will have to claim the $ 1,800 remaining next year when they file their 2021 tax return.
To determine your eligibility, the IRS is using the information you provided on your 2020 or 2019 taxes. If you are still unsure whether or not you qualify to receive these checks, the IRS recommends using the Eligibility Assistant for advance payments of the Child Tax Credit. They will ask you for some personal information in order to confirm if you are eligible or not.
Refuse help or make modifications safely
Some families prefer to decline assistance or change their payment method from physical check to direct deposit. For the payment of the month of October it is already late, but if you plan to make a modification later, you can follow the following calendar: until November 1 for the payment of November 15 and until November 29 for the payment of the 15 from December.
To safely make these changes, the IRS recommends visiting the Child Tax Credit Prepayments in 2021 where people can get more details that allow them to seamlessly make changes to the Child Tax Credit Update Portal“. Some families could receive up to $ 16,000 for the care of their children.
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