THE final $300 child tax credit payment will begin rolling out tomorrow and here’s how you can get your hands on some cash before the deadline.
Eligible Americans have received up to $300 per child per month since the payments began in July.
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Under Joe Biden’s American Rescue Plan, families with children aged six and under have received $300, while those with children between six and 17 have received $250.
College-aged students between 18 and 24 have received a one-time payment of $500.
Now the last $500 child tax credit will be sent out on December 15; however, for eligible families who never registered, there’s still time.
WHO QUALIFIES
The child tax credit payments are available to those taxpayers with a modified adjusted gross income (AGI) of:
- $75,000 or less for singles,
- $112,500 or less for heads of household and
- $150,000 or less for married couples filing a joint return and qualified widows and widowers.
Each $1,000 income above the phase-out level reduces your amount by $50.
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HOW TO APPLY
If you’re unsure whether or not you qualify, the IRS has an online tool available for your use.
The tool can also be used to claim any stimulus checks you may be owed.
It’s also important to note that if you received payments, you ultimately did not qualify for due to a change in a job situation, you may be required to pay that money back to the IRS in 2022.
If you received advance payments, those amounts will be deducted from the credit you can take on your 2021 tax return.
For families who collected all of the advance child tax credit payments, that means the remaining $1800 credit will apply when they file taxes next year.
In January 2022, the IRS will send Letter 6419 with the total amount of advance child tax credit payments taxpayers received in 2021.
Some families may have opted out of advance payments earlier in the year, meaning they will receive up to $3,600 per child when taxes are filed.
Parents expecting a baby in December will also be eligible for the tax credit.
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