Raising a child could be hard and extremely expensive, and the pandemic is not making it any easier. The government, however, plans to help you and your family by providing financial support.
A budget of $3,600 is allocated for every child dependent on an eligible filer. The government is also willing to pay you back up to $16,000 worth of child care expenses if you properly file your requirements.
The Joe Biden Administration proves itself to be quite supportive to the American families in these difficult times. Aside from the monthly stimulus check payments you receive, a different budget has been allocated specifically for child support and expenses. However, you must first check or update your eligibility status, so the IRS could work on releasing your money.
Fortunately, online tools and articles are available to help you process your Child Tax Credit payments.
Child Tax Credit Portal
TikTok user dukelovestaxes posted that the Child Tax Credit portal is expected to open up this June. The online portal provided by the IRS will let you:
- Monitor, accept or decline the $300 monthly child tax credit payment
- Report the birth of a new child, including the one you are expecting to come out anytime this year
- Update the number of eligible children or dependents in your household
- Update your marital status, especially if the child has shared custody between separate parents
- Update your income, especially if you recently lost your job, resulting in a sudden loss of income.
Cnet reported that IRS will launch two different portals on their website. The main portal will help families monitor their child's tax credit payments and other financial benefits received. The second portal is used for families who typically fail to file their tax returns. The portal will help them update their information.
The launch date was reportedly on July 1, but at the time of writing, new updates have been made on the IRS website. Despite the slight delay, you can expect these new changes to happen sometime this month.
Child Tax Credit Calculator: How Much Money Should I Receive?
The total money you can receive for child tax credit payment is based primarily on your eligibility. As a single filer, your income must be no more than $75000, as the head of household earning no more than $112500, and as a married couple earning no more than $150000 joint salaries. A total of $50 will phase out the child credit payment for every $1,000 income above the threshold amount.
With the income indicated above, Child Tax Credit Payments would be divided as:
- Ages 5 and younger: Receives up to $3,600, with half as $300 monthly payments
- Ages 6 to 17: Receives up to $3,000, with half as $250 monthly payments
- Age 18: Receives $500 one-time check
- Ages 19 and 24, full-time college students: Receives $500 one-time check
Lastly, you can also opt-out of these monthly child tax credit payments in favor of receiving the money in one lump sum. Read on this article to learn how to get the $3,600 Per Child in One Lump Sum Payment.
Related Article: Fourth Stimulus Check Timeline and Update: $2000 Payment, Double Tax Refunds, and Plus-Up
