The largest-ever child tax credit is coming to families in the US in the form of monthly payments.
The American Rescue Plan also increased the maximum child tax credit to $3,600 for children less than six years of age and $3,000 for children age 6-17. Eligible families will receive $300 a month for children under six and $250 a month for children 6-17.
Payments are scheduled to start in July.
Here’s what President Joe Biden had to say about the new program:
“This tax cut will give our nation’s hardworking families with children a little more breathing room when it comes to putting food on the table, paying the bills, and making ends meet. Nearly every working family with children is going to feel this tax cut make a difference in their lives, and we need to spread the word so that all eligible families get the full credit.”
Families that filed 2019 or 2020 tax returns or signed up for a stimulus check from the IRS will automatically receive the monthly payments. Those that received their stimulus check or tax refund through direct deposit will see the money deposited to their bank accounts on the 15th of each month until the end of 2021. Others will receive a check sent in the mail.
Families can also sign up at ChildTaxCredit.gov.
The payments are advances on the child tax credit eligible families would have received if they claim the tax credit on their 2021 tax return. The advances will total up to half the credit amounts since they start in July. The other half can be claimed when people file their returns.
Tax experts warn that if you don’t usually receive a refund when filing your taxes, you will lose half the deduction when you do file and it could mean paying more taxes than usual. For some families, that means they may be required to repay some or all of the credit to the IRS.
Income Limits
Some 36 million households are eligible for the payments as long as their adjusted gross income (AGI) is less than established thresholds.
- Single: AGI of $75,000 or less
- Head of Household: AGI of $112,500 or less
- Couple Filing Jointly: AGI of $150,000 or less
If you earn above these limits, you may still qualify for the tax credit, but the amount will be reduced by $50 for every $1,000 of income over the threshold, according to tax expert Joanna Powell as reported in CNet.
If you earn more than $240,000, you are ineligible for any tax credit for single filers. As head of household, you will still receive some payment if you earn up to $240,000 and couples filing jointly must have an income of less than $440,000.
Other eligibility rules include:
- A child must have lived with you at least six months
- You and your child must both be US citizens
- The child must have a social security number
- For married couples, at least one spouse must have a social security number or ITIN.
- If parents share custody, only one parent can receive the tax credit.
We need a tax deduction taken when taxes are filed, not monthly payments. Children are Parents responsibility! Government should not take from taxpayers to help support others children. If you cannot afford children abstain!
Making these payments will cause inflation to rise and that will hurt retirees.
AGREE!
Yip ! Stop voting for liberal dem’s!
Parents need to take responsibility for their children. If they cannot afford them then they should not have them. This is the generation of getting everything for free. We American taxpayers should not be footing the bill. American singles are already paying for education costs of all children even if they have never had a child — so unfair. Sure – singles should pay educational taxes for the time that they attended school (13 years only – which includes kindergarten – not paying for nursery school).
So maybe you hate children and support the murder of them in the millions as in abortion? My daughter had two kids and was married, then her husband cheated on her several times. One day he changed the locks on the door and texted her saying good luck trying to get back in! He divorced her and kicked her and his kids out!! She and her kids live with me and my wife now. I had to borrow money for a lawyer as the asshole ex husband tried to get custody!! She and her kids are still living with us now!! But according to you the hell with the kids right???
WELCOME TO A 3RD WORLD SOCIALIST AMERICA. AMERICA WILL NEVER BE THE SAME AFTER TRUMP,THAT IS IF WE ALLOW THE LYING CROOKED THIEVES TO GET AWAY WITH DESTROYING AMERICA MUCH LONGER. WHERE ARE OUR MORAL BRAVE POLITICIANS WHO WERE VOTED INTO OFFICE TO SERVE THE AMERICAN PEOPLE,TAKING AN OATH TO PROTECT AMERICA FROM DOMESTIC TERRORISTS WHO ARE IN THE WHITE HOUSE NOW. WHAT HAS HAPPENED TO THE AMERICAN WAY OF LIFE? ARE ALL POLITICIANS CROOKS ,JUST WANTING TO FILL THEIR COFFERS WHILE THE GETTING IS GOOD,OR ARE THEY TO SELFISH AND STOOOPID TO SEE WHAT IS HAPPENING TO AMERICA. GOD HELP US,AS THERE IS NO ONE ELSE DOING THEIR JOB. WE MAY AS WELL KISS OUR ASSTABARS GOOD BYE AND LET THE COMMIE GOVERNMENT CONTINUE TO SUPPORT US AND TELL US WHAT TO DO,WHEN TO DO IT AND HOW TO DO IT. OUR FOREFATHERS ARE ALL TURNING IN THEIR GRAVES AS THEY WATCH THE DESTRUCTION OF OUR ONCE GREAT COUNTRY!
You are crazier than a bed bug if you think Trump caused this chaos you fool!!! Biden and the left wing has created the chaos we have now!!! I have never seen such evil on display as I see now from the left wing cancel culture as I see today!!!
I think he meant that after Trump left office all common sense left the White House.
Biden is a POS
What about people with no or grown children that are suffering? Kind of living check to check, but the checks never stretch enough.
I agree with you Rob–my children are grown and on their own, I live on Social Security of $818 a month–Where do I benefit from all these people with children of which most don’t want. Where is the extra help for us Senior citizens who have raised our kids with NO extra help from the government. I read that they feel that since they have given us $3200 in the last year we all should be okay–Then how about those in Congress live on just that $3200 and see how far they can live on it.
I agree. Where is the help for seniors and the disabiled? My children are grown and I live on social security disability, where is my help? With the skyrocketing inflation, thanks to the democrats, it is getting very hard to get by on a fixed income, where is the help for us? I worked hard all of my life, and now that I can’t anymore, the government has forgotten me.
They need to give us a decent raise on our Social Security!! It is not even keeping up with inflation!!
They also need to quit handing out permanent disability to fraudulent cases! Know many Federal employees who say that most welfare and disability (85% or so) is fraud! The point is to help the truly needy, not those that may or may not have to leave their old job source and if they can’t do it anymore for REAL reasons, than one must adjust & retrain themselves. That’s what peope have done for centuries. Nomads, mining towns, obsolete jobs. It is NOT anything new and surely not the job of government. If you want to have the freedom to think, choose and determine your own destiny than you can’t have the government taking care of your life because it’s easier. Life isn’t easy, who promised you it would be? We can’t possibly be who God intended us to be when we give in. Charity begins at home and at our churches. When governments become “big brother” we’ve lost all humanity.
This is so true the older generations have paid , paid & paid taxes , for schools that their children stop going to years ago. We pay our bills & we keep getting our fixed incomes diminished by all these free give sways to this young selfish generation, My dad would kick my butt if I accepted these free handouts, he made me work for what I wanted or desired!!!!! Older generations are having to choose rent over food or medicine, this is the National disgrace of our America of the socialist left
Liberals want to break us down then control us!!!
So true Home insurance, Property Taxes Health Insurance , Lights,Water Electric how can you do it all on thousand dollars a month. and they give more than that to people who is not even a Citizen .
So will this encourage people to have children so they can draw checks and not work? I’m pretty sure that is some of the reason we got to where we are. It should only be given as a suppliment to workers; otherwise it just enables people who don’t want to work. If the government provides free day care and preschool, they will be able to live pretty well while they stay home.
I hate to say this but the blacks and Muslims and multiplying like rabbets!
Dont blaime me I voted for Trump and DeSantis not any dictrocrats. My my vote was over road by the States that wont allow verification of the legal votes. ‘Not Theory, just fact”
I see reparations…..Blacks will be the largest beneficiaries and they know this.
Blacks already have been getting reparations for many years!!! They do not deserve more!! As a matter of fact a lot of blacks owned tier own people as slaves in Africa!! They are also guilty as hell!!
Now many have gangs and burn down buildings, kill cops and the list goes on!!!!! Makes me mad!
The hard time for all Americans and our country are coming soon if the demorats still stay in DC!
What CAN WE MUST DO in next year 2022?
what about the older elderly people,we need it more than people having babies they can’t
affordmoney will help very few but a lot for drug dealers.
thanks for letting me post.
You are absolutely correct, David. It’s a very fair proposition and makes a lot of sense.
This is so expected in the current US status. Americans, Go ahead and take these checks. But let me warn you! They are buying your vote. Sure way to secure upcoming elections. Once they have total Power’s You lose! If this is not proof of Government fraud. What is? Well this has not been offered up from any administration in past years. You and I know, there has been several times, bills like this could have been passed. Don’t let them fool you for a vote. Use your better judgement when you go to the Polls. Besides I’m a sinner and I can say I love you all like a brother or sister. That’s something, they have neglected to say and never will! Ask yourself ‘ Do you want people who care for people ? Or do you want. People who want Total control of People?
It’s just another form of welfare, keeping people dependent on the government
The Biden cabal is proving to be flim flam artists. Giving with the right hand then taking away with the left. Government gives us NOTHING it hasn’t taken from somebody or it just prints more money backed by thin air. You must always read the fine print in these things. It’s a tax CREDIT against your federal taxes! If you are paying at the end of the year you will end up paying it back for a net zero gain. It would be better to eliminate withholding taxes altogether for obvious reasons, you would see it in more take home pay.
DISGRACEFUL ! THATS ALL YOU CAN SAY !
More of bidens and the demorats screw America policies .
Can you spell fraud?