Child Tax Credit Money: Here’s Why Some Families Need More Money

Payments can go up to $ 300 per child, per month depending on the age of your children and your income.

ROCKVILLE, Maryland – You’ll want to check your bank accounts Thursday if you have kids. Families will receive the new child tax credit advance payments from July 15 through December. Now, WUSA9 brings you the stories behind these payments and why local families could use the extra boost.

Yoslin Amaya’s conversation with her 4-year-old son is one that many working parents can probably relate to in the midst of returning to work after the pandemic. He asked why they had to leave the house. “Because I have to work,” she replied.

What James may not yet understand is the fears of finding and keeping work, which keep Yoslin from sleeping at night.

“When we were budgeting for everything, we actually found out that we only had $ 100-200 a month left,” she said. “If we were to find ourselves in an emergency, you know, where are we going to get the money? “

Yoslin and her husband Fermin have done everything possible to improve the lives of their children in Montgomery County.

Fermin works and goes to school, while Yoslin has just graduated from college and has two jobs. She worked nights as a janitor while her husband worked the day, which was the only way they could make ends meet to avoid major childcare expenses.

“While my husband was working during the day, I was with the children who looked after them. And then when he got home he would babysit them and I would go to work, ”Yoslin said.

Yoslin is hoping to get a better day job now that she graduated from college, but she needs that extra relief so that she can afford child care and work during the day.

“It would allow me to continue working,” she said. “It would allow me to stay in the job market.

The child tax credit already existed, but this year Congress increased the amount. Lawmakers also allow parents to get certain payments up front to help them immediately, instead of waiting until tax time.

Here is how it breaks down.

Parents will get half of the increased credit in monthly payments for the remainder of this year. Those eligible for the full amount will receive $ 300 per month for children under six and $ 250 per month for children six to 17.

Parents will receive the other half of the money when they file their 2021 tax return and claim the credit.

We asked Maryland Congressman David Trone what he would say to skeptics who think this is another government document.

“These people are struggling, but they all want to get on with it and they’re being held up because they can’t get out of their homes to make a career, create a job and get on with it,” Trone said. “And they want a better life for their children and they have to do it. This will allow them to do that.

The big question now is whether or not they will be able to extend this increase in the child tax credit beyond 2021 until 2025. But does the government have enough money to find that?

“At some point, we agree that we need to get the budget balanced,” Trone replied. “Right now we need to get out of COVID, turn this economy around, then focus on those who have it least and that’s what this credit is doing.”

For Yoslin, the expansion of this credit is not only money in his pocket, but a concrete solution to the problems of many families.

“They would be able to provide a lot more relief to families like me, like my husband, like my kids, who live paycheck to paycheck, because I would say we live paycheck to paycheck. She said.

So when can you expect a check or money to arrive in your account?

The first payment is made on Thursday July 15, then August 13, then the 15 of each month until the end of 2021.

RELATED: Advance Monthly Child Tax Credit Payments Start In 2 Weeks. Here’s what you need to know.

RELATED: IRS Launches Tool to Help Low-Income Families Get Monthly Child Tax Credit

WUSA9 is now activated Roku and Amazon Fire TVs. Download the apps today for live TV news and video on demand.

Download the WUSA9 app to get the latest news, weather and important stories at your fingertips.

Sign up for the Get Up DC newsletter: Your forecast. Your commute to work. Your news.
Sign up for the Capitol Breach email newsletter, delivering the latest news and a summary of the Capitol Riot investigation on January 6, 2021.

Previous Financing Credit Unions 101 | CUNA News
Next Credit union caps savings at € 25,000 due to rising bank charges