Millions of parents of minors in the US will receive monthly payments under the Biden Administration’s “Child Tax Credit” extension.
Photo: Aurelia Ventura / Impremedia / La Opinion
Parents who do not file taxes with the Internal Revenue Service (IRS) since their income is very low may also request the monthly checks for the extension to the “Child Tax Credit” that will begin shipping on July 15.
One of the online portals that the agency is about to open on July 1 is precisely so that potential beneficiaries who do not file taxes enter your personal data in order to obtain the refund for the credit.
Up to $ 3,600 per child under 6 years old
Under the Biden Administration’s “American Rescue Plan” approved in the United States Congress, parents can obtain up to $ 3,600 for each child under the age of 6 claimed as a dependent.
Scope of portals to be launched by the IRS on July 1
A CNET report on Tuesday states that the online tool will allow people who do not file taxes but have children to submit updated information on family status and include the number of dependents.
Through the other portal, families who so wish can require the IRS to send them the money that corresponds to them in a single total payment and not in monthly installments as the Government plans to advance.
In this case, applicants will have to wait until next year to receive the funds.
If they prefer to receive the money in monthly payments, the IRS will process the money to the recipients in seven shipments between July through December.
Money transfers for “Child Tax Credit” will be made on the 15th of each month
Each check deposit or mailing is expected to be made on the 15th of each month.
“The IRS and the Treasury also announced that CTC increased payments will be made on the 15th of each month, unless the 15th is a weekend or holiday. Families who receive credit through direct deposit can plan their budgets around receiving the benefit. Eligible families will receive a payment of up to $ 300 per month for each child under 6 years of age and up to $ 250 per month for each child 6 years of age or older, ”the agency said in a statement on May 17.
Under the third stimulus bill passed last March, the maximum Child Tax Credit in 2021 was increased to $ 3,600 for children under 6 and $ 3,000 per child between 6 and 17 years old. “It is projected that the American Rescue Plan lift more than 5 million children out of poverty this year, reducing child poverty by more than half, “said the IRS.
The IRS estimates that approximately 39 million households, covering 88% of children in the United States, they would receive monthly payments with no further action required.
For income eligibility, the IRS will apply the same guidelines as those used to calculate the amount for the third stimulus check.