- Qualifying families must register by August 30 in order to receive the next child tax credit payment.
- A second batch of payments is scheduled to be sent to millions of Americans on September 15.
- Payments will be sent to approximately 39 million families.
The US Internal Revenue Service (IRS) has warned that families who qualify for the child tax credit will need to register by August 30 in order to receive the next check when the second batch of extended payments is sent.
A new batch of checks for $ 250 and $ 300 per child from the child tax credit has begun to reach the bank accounts of millions of Americans. The payments will be sent to approximately 39 million families, reported The Sun.
September Child Tax Credit Check: Must Register
The next payment will be sent on September 15, and qualifying families will need to use the IRS Child Tax Credit Update Portal to register by August 30 to receive their check.
The extra payments are part of President Joe Biden’s expanded child tax credit program, which allows families to claim up to $ 3,600 per child under the age of six and $ 3,000 for dependents between the ages of six and 17.
Payments will be sent on the 15th of each month
Payments will be mailed on the 15th of each month, unless it coincides with a holiday, however the IRS has warned that paper checks will take longer to arrive.
The second check for the month of August was issued earlier this week so most parents should already have the money in their bank accounts. The next check will arrive on September 15th, however, you must register by August 30th to receive the next payment within a month.
Divorced and single parents warned to opt out of $ 3,600 child tax credits
Divorced and single parents are cautioned not to receive the $ 3,600 check for the child tax credit as some may have to pay it back, it said. The Sun.
The warning occurs when millions of American families began receiving monthly payments of $ 300 for each child under the age of 6 and $ 250 for each child between the ages of 6 and 17.
Divorced parents warned to opt out of child tax credit payments
Regardless of whether the contributing parents qualify to receive the payment of the child tax credit, only one will be able to claim the money for each child annually, usually the parent who has custody of the child for the longest time in the year is the one who receives the check of up to $ 3,600
For this reason, they urge divorced parents to opt out unless only one of them claims the credit. Also, if the parents alternate years in child custody, the situation becomes a bit more complicated since the payments of the child tax credit are based on the tax returns for 2020 or the most recent.
What Should Divorced Parents Do?
Divorced parents can choose not to participate now, Janet Holtzblatt, lead researcher at the Urban-Brookings Center for Fiscal Policy, told The Sun otherwise, “there is a risk that you will have to repay it,” she added.
Once the Internal Revenue Service (IRS) processes the tax return for 2021 in the year 2022 and verifies that a taxpayer received more money than they should, they will be forced to return the excess. “The only exception is for people who earn less than $ 40,000 a year who will not have to repay the excess money,” said the reviewed medium.
Child Tax Credit Stimulus Check May Be Returned
East benefit it began to be delivered since last July 15 and it is basically so that the people They can care for their dependent children, especially in this time of the coronavirus pandemic that affected thousands of families in the United States. Filed Under: September Sons Tax Credit.
THEY SEEK TO REDUCE THE RATE OF CHILD POVERTY
Biden has said the new monthly payments, which will average $ 423 per family, are crucial to halving the child poverty rate. But it also launches a philosophical battle over the role of government and the responsibility of parents.
Some 15 million households will now receive full credit. The monthly payments represent $ 300 for each child 5 and younger and $ 250 for each child between the ages of 6 and 17. The payments expire in one year, but Biden is pushing to extend them until at least 2025. Filed Under: September Sons Tax Credit.
Economic Stimulus Check: HOW MUCH SUPPORT IS IT?
The president of the United States, Joe Biden, wants to make the payments permanent and that makes this first round of payments a test of whether the government can improve the lives of families with the financial support that is already being delivered.
Yet Democrats see it as a historic program similar to Social Security, saying it will lead to better adult outcomes that will aid economic growth. Many Republicans say the payments will discourage parents from working and contribute to long-term poverty. Filed Under: September Sons Tax Credit.
WHY RETURN THE MONEY?
That amount that will be given will be only half of what was offered to them, next year they will be able to claim the remainder from the government, but as long as it is done in tax filing season, so you must be very vigilant.
However, if a parent received more than their child tax credit, it is very possible that they will have to return that amount when they file their taxes next year, so they must submit the paperwork provided to them. indicate. Filed Under: September Sons Tax Credit.
IRS checks everything
It must be pending because if the income of the parents goes up this year, next year they would have to return the corresponding amount, according to the threshold that is $ 75,000 for individual taxpayers and $ 150 thousand for joint taxpayers.
If your income exceeds a certain amount, the law makes it very clear that this money must be refunded when the 2021 tax return is filed, for which the IRS must review the 2020 tax presentation. Filed Under: September Sons Tax Credit.
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