RESEARCH Americans could receive a boost of $1,800 later this year as part of an expanded child tax credit payment.
There were 36 million families who received the money earlier this week as households recovered from the economic damage caused by the covid pandemic.
So far the covid era has extended Child Credit Program was a success.
After just the first month of receiving the payments, it helped lift three million children out of poverty, according to a Columbia University study.
But not every family can take advantage of monthly money.
In fact, a study conducted by the University of Michigan found that one in 10 eligible families have not yet received a tax credit payment for their child.
Eligible families can receive $300 per child under the age of six, and children over that age, up to age 17, can receive $250 per child.
The payments took place between July and December 2021, meaning a family with one child under the age of six will receive $1,800 by the time the advanced payments end in December.
Unfortunately, if you’re looking to claim the tax credits now for the first time – you’ll have to wait until next year.
This is because GetCTC’s November 15 application deadline for the rest of the year.
But don’t worry, if you qualify and fall behind the deadline, you’ll be able to claim it by filing your tax return in 2021.
Once done, you can expect to receive money from the Internal Revenue Service (IRS) worth thousands.
If you file your tax return next year, you’ll get $3,600 for each child under the age of six and $3,000 for each child between the ages of six and 17.
The rest of the families, who are set to receive payments of up to $1,800 this year, will be able to receive them. the other half on their tax return.
Another way you can claim child tax credits on your tax return is if you selected Fear about your financial situation or filing status changes.
For example, maybe you overestimated how much you will earn.
But make sure you check with your tax professional and see if you can claim any of the child tax credits.
We break up your family as possible receive child tax credit payments in November.
We explain how families with children under 13 can get surprise stimulus payment of $8,000.
Plus, check out Five big money changes this week that can affect your finances.
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https://www.the-sun.com/money/4114404/millions-americans-1800-end-2021-claim-more-cash/ Millions of Americans Could Get $1,800 Before the End of 2021