The Treasury and IRS have announced that 88% of families in the United States will automatically receive monthly payments for refundable child tax credits.
First payment made on July 15
The US Treasury and the Internal Revenue Service announced today that the first monthly payment of the new Child Tax Credit (CTC) will be made on July 15, extending the US bailout on July 15. Ad. About 39 million households – covers 88 households. Percentage of children in US – will receive monthly payments without the need for additional action.
The Treasury and IRS have also announced that CTC payments will be made on the 15th of each month, unless the 15th is a weekend or a holiday. This allows families who receive direct deposit loans to plan their budget with a focus on profits. Eligible families receive payments of up to $ 300 per month for children under 6 and up to $ 250 per month for children over 6.
The US Lifesaving Program has raised the child tax credit limit for 2021 to $ 3,600 for children under 6 and to $ 3,000 per child aged 6 to 17. This year, we have reduced child poverty by more than half.
Households covering more than 65 million children receive monthly payments from CTC through direct deposits, checks or debit cards. The Treasury and IRS are committed to maximizing the use of direct deposits to ensure fast and secure delivery. Most taxpayers don’t need to take action to receive payments, but the Treasury and IRS will continue to educate partner organizations over the coming months and more families will qualify. Make them aware of this.
Today’s announcement is between the Department of Financial Services and the IRS, and between the Treasury and the U.S. White House Rescue Planning Team to quickly reach Americans who need to recover from the COVID-19 pandemic. Represents the last cooperation of. As of March 12, the IRS made about 165 million economic impact payments, equivalent to about $ 388 billion, under the American Rescue Plan.
Additional information for taxpayers on how to access child tax credits is as follows: Here..
Treasury and IRS Announce Families of 88% of Children in US to Receive Monthly Refundable Child Tax Credit Payment – Los Angeles Sentinel | Los Angeles Sentry Source link Treasury and IRS Announce Families of 88% of Children in US to Receive Monthly Refundable Child Tax Credit Payment – Los Angeles Sentinel | Los Angeles Sentry