Hey NJ! How Much Will I Get? 2021 Child Tax Credit Rollout Has Begun
Time to check your bank account. If you have children under 18, chances are you could be getting some cash back as the 2021 Child Tax Credit Rollout has started.
The IRS has already begun the process of sending out checks thanks to the $1.9 trillion stimulus package which was signed by the President in the spring according to CNN.com
More than 39 million families nationwide could be receiving up to $300 a month in their bank accounts per child through the end of December 2021. The payments will be made on the 15th of each month.
The maximum amount is $3,600 per child under the age of 6 which comes to $300 a month. For children 7 through 17 the number drops to $3,000 or $250 a month. In order to be eligible for the Child Tax Credit, married couples who file a joint return must not exceed a gross income of $150,000 and $75,000 adjusted gross income for single parents.
People who earn more can also qualify for partial credit. Single parents who earn $200,00 or married couples who exceed $400,000 may be entitled to a $2,000 credit
You can also access the IRS website to see if you qualify. You will need your 2020 tax returns or 2019 if you haven't filed them in 2020. If you do receive payments and you're not eligible, you will have to refund the money back to the IRS.
sources: nj.com cnn.com irs.gov
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