More Stimulus Payments Arriving in July and Might Be Here to Stay
Growing up I remember hearing adults say "these kids are expensive". Trying to keep food on the table during the pandemic has added to the anxiety for parents. With the recent child tax credit, nearly all working families will be able to count hundreds of additional dollars each month and that could be permanent.
The new Child Tax Credit enacted in the American Rescue Plan is only for 2021 -- but President Biden’s American Families Plan proposes extending the credit for years and years to come, - the White House
According to Syracuse.com, families will receive up to $300 per child deposited into bank accounts on the 15th of each month starting in July and continuing through December. Once you file your 2021 taxes the credit will continue into 2022. This is part of President Biden's American Rescue Plan.
The previous child tax credit was $2000 per family. The recent adjustment raises that to $3000 per child 6 and up and $3600 for 5 and younger. If you meet these qualifications your family will benefit:
Couples making less than $150,00 - Full Benefit
Single parents making less than $112,500 - Full Benefit
Couples making above $150,000 will still get the $2000 child credit plus an amount to be determined based on how much you make.
Single parents making more than 112,500 will still get the $2000 child credit plus an amount to be determined based on how much you make.
These payments will be automatic for those that filed 2019 or 2020 tax returns and or previous stimulus payments. If you haven't filed your taxes yet, use the IRS non-filers Tool to sign up.