Eligible parents: Child tax credit money arrives July 15; monthly payments until the end of the year

WASHINGTON – Starting July 15 and for the rest of the year, millions of Americans with at least one child under 17 – election deniers, conspiratorial Trumpists to, well, everyone else who qualifies – will receive a minimum monthly payment of $ 250 from the federal government.

The money is an advance on the child care tax credit, temporarily increased in the American Rescue Plan Act of 2021 to help families affected by the COVID-19 economic crisis.

Gene Sperling, the coordinator of the US White House bailout, told reporters on a conference call Monday that “over 90%” of eligible people would automatically get the upfront payments if they filed income taxes in 2019 or 2020.

Jennifer Klein, co-chair and executive director of the White House Gender Policy Council, said in the same call that the increase in credit should “reduce child poverty by more than half”.

Under this new plan, you won’t have to wait to file your 2021 federal income tax return in 2022 to get money for the children’s credit.

President Joe Biden enacted the measure on March 11, with the child crediting part of a massive COVID-19 relief program. The legislation was passed by Congress with only Democratic votes – but the benefits go to everyone, of course.

The White House Biden declared “Child Tax Credit Awareness Day” on Monday. People who haven’t earned enough to file a tax return have to register to get the money, and that’s the reason for the push. Vice President Kamala Harris has been sent to Pittsburgh to spread the word.

At the request of the White House, Governor JB Pritzker and Mayor Lori Lightfoot launched awareness campaigns on Monday. City Hall is doing a digital campaign – even billboards.

Illinois Democratic Representatives Danny Davis, Brad Schneider, Bill Foster, Sean Casten and Lauren Underwood also have events scheduled for Monday.

To find out how to register, visit childtaxcredit.gov. Details to know:

·For those who qualify, the child tax credit is reduced from $ 2,000 to $ 3,000 per child aged 6 to 17. It’s $ 250 per month per child. The amount goes from $ 2,000 to $ 3,600 for each child under the age of six. It’s $ 300 per month per child.

·The age limit goes up by one year, from 16 to 17 years old.

·Adjusted gross qualifying income levels: $ 150,000 or less for married couples applying jointly; $ 112,500 or less for heads of households; $ 75,000 or less for single taxpayers.

·Half of the credit will be paid in monthly installments until December, the remainder next spring.

·For now, it’s a one-time deal, although Biden wants Congress to extend it for the next five years.

·The first payment is July 15; then August 13, then 15e of each month.

·Those with incomes of less than $ 200,000 (single parent) or $ 400,000 (for couples) will be eligible for the existing $ 2,000 credit.

·If you sign up for the Child Tax Credit, it will not remove or reduce other federal benefits for low-income people such as SNAP, TANF, WIC, or Section 8.

·If you get your IRS refund by direct deposit, this is how you will get your child care credit; otherwise, you will receive a check.

·Money comes with no strings attached to how it can be spent.

Being proactive in helping those eligible to register for the tax credit is politically risky for Republicans, as some of them have come under fire for highlighting other COVID benefit programs for which they have no not voted. Illinois Republican Representatives Darin LaHood and Adam Kinzinger said, through spokespersons, that their offices would help voters navigate the system.

I understand that shining the spotlight on an important initiative of the Biden administration is not a thing of the GOP. However, we got here – it is a government program that can do good in these difficult times. People need to know what they are entitled to.

David Harris, the director of the Illinois Department of Revenue, is the most senior Republican in the Pritzker administration and was raising awareness about the child tax credit on Monday.

He represented the Arlington Heights area while at State House. I asked him how, from a Republican perspective, you speak to Republicans in this post-Trump era.

Harris said, “When you talk about benefits for children, it’s not a partisan issue. Republicans should be able to talk about it as much as Democrats, although they may disagree on how much and that sort of thing.

Source link

Previous 88 Energy Rights Balance with Sale of Alaska Tax Credit
Next Credit unions lose share in still booming mortgage market