Update on stimulus payments: Millions of families are missing out on up to (dollar)1,800 in cash – here’s how to get it.
THE MONTHLY CHILD TAX CREDIT PAYMENTS HAVE BEEN A HUGE SUCCESS FOR MANY FAMILIES – but some are still missing out.
Since July, payments for the child tax credit have been made in monthly installments of up to (dollar)300 per child.
According to a Columbia University study, the payments helped lift 3 million children out of poverty in just the first month.
Not every family, however, takes advantage of the monthly payments.
According to a University of Michigan study, one out of every ten eligible families has yet to receive their child tax credit payments.
It comes after the money was distributed to 36 million families earlier this week.
Couples must earn less than (dollar)150,000, and single parents filing as heads of households must earn less than (dollar)112,500 to qualify for the full payments.
Many eligible families were automatically enrolled in monthly installments and will receive their final payment in December.
This year, many families will receive up to $1,800 per child.
Meanwhile, those who did not file a tax return in 2019 or 2020 may have had to rely on a non-filers tool to receive the advance payments.
You’ll have to wait until next year if you want to claim tax credits for the first time.
This is due to the GetCTC’s November 15 deadline, which effectively ended the year’s application process.
But don’t worry if you missed the deadline; you can still claim by filing a tax return in 2021 if you are eligible.
Once that’s done, you can expect to receive thousands of dollars from the Internal Revenue Service (IRS).
You’ll get (dollar)3,600 for each child under the age of six and (dollar)3,000 for each child aged six to seventeen if you file your taxes next year.
The remaining families, who will receive up to (dollar)1,800 in payments this year, will be able to claim the remaining half on their tax returns.
If you opted out because of concerns about your financial situation or filing status changing, you may still be able to claim child tax credits on your tax return.
It’s possible, for example, that you overestimated your earnings.
However, you should consult with a tax professional to see if you qualify for any child tax credits.
We’ll break down how much your family could get in child tax credit payments in November.
Infosurhoy’s most recent news in a nutshell.
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