. And after the unprecedented exit of mothers from the workforce that came along with the pandemic, it is clear something needs to be done., a $1.9 trillion coronavirus rescue package designed to help America recover from the devastating economic and health effects of the COVID-19 pandemic. Included in this plan is the largest Child Tax Credit to date for the most families ever and it is helping them survive.
The credit increased from $2,000 per child to $3,000 per child for children over the age of six, and from $2,000 to $3,600 for children under six, and the age limit was raised from 16 to 17. And guess what? Families can get up to half of the credit in advance monthly payments of $250 or $300 per child, as of July 15, through December 2021.
American households will get the full credit if they make up to $150,000 for a couple or $112,500 for a family with a single parent . You are eligible to receive advance Child Tax Credit payments even if you have $0 in income or have not recently filed a tax return. All you have to do is fill out the
for Economic Impact Payments on IRS.gov. And if you have completed filed tax returns for 2019 or 2020, or if you signed up to receive a stimulus check from the Internal Revenue Service, payments should come to you automatically.So if your kids are 17 and under, chances are good that you have received — or will receive — some cash from the federal government.
Parents got completely hosed by the Trump Tax cuts, these people can sit the eff down.
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