| Raising kids can be expensive and the federal Child Tax Credit is here to help! The Child Tax Credit is part of the American Rescue Plan and provides families $3,000 to $3,600 per child with advanced monthly payments. In order to get money to families quickly, the IRS will pay half of the credit as monthly payments now and the other half when you file your taxes next year. In total, families will receive $3,600 for each child under 6 and $3,000 for each child between 6 and 17. Most families, even those with little to no income, can receive the full amount. If you are a single parent making less than $112,500 or a married couple making less than $150,000 and have children under age 18 who will live with you for more than half of 2021, you are likely eligible for the full benefit. These benefits do not affect your eligibility for other federal benefits like SNAP. If you filed taxes in the last two years, you don’t have to do anything to receive the Child Tax Credits. The IRS will automatically send you a monthly payment by direct deposit or check as early as today, July 15. If you didn’t file taxes over the past two years, you’ll need to complete a simple form to begin receiving your monthly Child Tax Credit payments. Access the form at www.childtaxcredit.gov. To apply you’ll need: A reliable mailing addressE-mail addressYour children’s Social Security NumbersYour Social Security Number (or ITIN)Your bank account information (if you want to receive your payment by direct deposit) Learn more and check out resources to help you fill out your form at ChildTaxCredit.gov. |
