CASH parents could get a “surprise” boost of $300 in their last child’s tax credit payment in December of this year.
Final checks as part of the expanded Child Tax Credit will be mailed to eligible US families on December 15.
President Joe Biden expanded earlier this year to offset some of the financial burden many Americans are feeling as a result of Covid-19.
Families who are currently receiving payments below the maximum amount could be lined up for an increase next month.
To qualify, a parent must have lost a job in 2021 or a household’s wages must have fallen significantly during the calendar year.
Americans are encouraged to update their financial information on the IRS portal so that the change can be noted before the December test.
Parents who receive the highest amount from the child tax credit program will not be able to receive the increased payment.
The maximum a family can receive is $300 per month for each child under the age of six and $250 for each child under the age of 17.
The deadline for families wanting to apply for the child tax credit has passed.
It comes after it was reported that parents with two children could receive a payout of up to $8,000 in the new year.
Parents with children under 13 years old and earning less than $125,000 can claim extra trả cash.
Support is called child and dependent tax credit, which aims to help working families offset the cost of providing for their children.
Read ours Child tax credit live blog for the latest news and updates…
Eligible expenses include transportation, housekeeping, child care, before and after school programs, as well as day camps and daycare.
Cash can also be used to care for dependents with disabilities.
While, people are calling on Congress to send out a $2,000 stimulus check after Thanksgiving because 35 million families will lose their Child Tax Credit cash in just three weeks.
If Congress does not move to renew the program, the December 15 check will be the final monthly payment.
The calls for more cash come as the U.S. Farm Bureau reports that the price of Thanksgiving meals this year will increase 14% from last year.
While some of this increase is due to inflation, According to The Hill, which is also partly because many people skipped Thanksgiving, or had much smaller gatherings, last year because of the pandemic.
Food prices on Turkey Day last year were actually down 4% compared to 2019.
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https://www.the-sun.com/news/us-news/4141787/surprise-child-tax-credit-boost-december/ Parents get ‘surprise’ child tax credit boost in December to $300