There has been a lot of talk about the upcoming child tax credit for months and now the time has come where people are starting to receive their payments. Everyone’s checks will be depending on the age of their child and how many children each family has.
We must remember not every family will qualify to receive the child tax credit. Single taxpayers must earn less than $75,000 to qualify for this credit or joint filers must earn less than $150,000 to qualify for this credit.
The child tax credit will be provided in six payments from July to December and the rest of the credit amount will be given when you file taxes. There has also been talk about people not wanting to receive the child tax credit in installment payments but, they would prefer to receive it when they get their tax returns.
For people that prefer to receive it when they get their tax returns you are able to opt out of the monthly payments. There are thirty-six million households that should expect to see some type of payment each month.
On the other hand, families may wonder how they will receive the payment, depending on how you filed your taxes you may receive a check, debit card, or direct deposit around the fifth-teenth of each month.
As months go on the economy is trying to get back on its feet and making big efforts to get everything back to normal.
Do you think the installment payments are beneficial for families?
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