The increased amounts are reduced for incomes over $150,000 for married taxpayers filing a joint return and qualifying widows or widowers, $112,500 for heads of household, and $75,000 for all other taxpayers.Families will receive monthly payments from the IRS of up to $300 for each child under six years old. They will get $250 for each child over six and up to 18 years old. The advance payments of the 2021 Child Tax Credit will arrive each month beginning on July 15 and through December to eligible taxpayers who have a primary home in the United States for more than half the year.
The IRS said the total of the advance payments would be up to 50 percent of the Child Tax Credit.Advance payments will be estimated from information included in eligible taxpayers’ 2020 tax returns – or 2019 returns if the 2020 returns are not filed and processed yet.The IRS is urging people with children to file their 2020 tax returns as soon as possible to make sure they’re eligible for the appropriate amount of the Child Tax Credit and any other tax credits they’re eligible for, including the Earned Income Tax Credit (EITC).Filing electronically with direct deposit also can speed refunds and future advance CTC payments, the IRS said.
Eligible taxpayers do not need to take any action now other than to file their 2020 tax return if they have not done so.
Subscribe to The Los Angeles Sentinel for only
$5.99 $3.99 per month, with 1 month free!
Relax in comfort each week as you read the printed newspaper on your own time, delivered weekly to your home or office. This subscription also includes UNLIMITED DIGITAL ACCESS for all of your devices. Includes FREE shipping! One easy payment of $3.99/month gets you:
This content was originally published here.