Parents: Your Child Tax Credit Payments Start Going Out Today
Earlier this year, stimulus payments as part of the American Rescue Act went out to qualified Americans. Now, parents can expect to start seeing child tax credits show up in their bank accounts starting on Thursday, July 15th.
Guidelines (According to whitehouse.gov)
For Parents of Children Under 6 Years Old
Parents can expect to see $3,600 per child pop up in their accounts. The payments will be divided over a six-month period. This means that these parents can expect to see $600 monthly payments through the rest of 2021 beginning on Thursday.
For Parents of Children Ages 6 to 17
Parents can expect to see $3,000 per child pop up in their accounts. The payments will be divided over a six-month period. This means that these parents can expect to see $500 monthly payments through the rest of 2021 beginning on Thursday.
“The whole aim of this is to strengthen families, to end child poverty," said newly-elected U.S. Congressman Troy Carter of the Second Congressional District to Louisiana Radio Network. "We believe through this effort that this will give us a chance to reduce child poverty by fifty percent."
The salary cap for the child tax credit is $150,000.00 per family or $112,500.00 for single parents.
“All you have to is have children within the ages of zero to seventeen and have paid your taxes, or filed your taxes in the last two years,” said Carter, who emphasizes that the payments will be sent to the same account that their 2020 taxes were filed.
For others, their payments will be mailed.
Families who qualify for these payments should have already received a letter in the mail.
If you (as a parent) have not filed your 2020 taxes yet, or you did not work, you are encouraged to visit the child tax credit portal for more information on IRS.gov.
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