The Child Tax Credit has been expanded as part of the COVID-19 stimulus bill. Families can receive up to $3,600 for children under the age of 5, and $3,000 for children between 6 and 17 years old. Once a family has qualified, the IRS will send the money in multiple payments: half of your credit in monthly payments from July to December, and the remaining credit when you file your taxes in 2022. You have the option to opt-out of the monthly payments and receive all your money when you file your taxes in 2022.
If you already have filed your taxes from the 2020 year, and qualify, the IRS will automatically send you your payments. You do not need to take any further actions to receive the credit. If you are not required to file taxes, use the non filers portal on IRS.GOV. If you are required to file taxes and have not done so, you can still file your taxes for 2020 and receive the child tax credit. African Cultural Alliance of North America (ACANA) is offering free tax services all year. Call 215-729-8225 to book an appointment.
If you have a child under 17 who is under your care for at least half the year, is a dependent, is a citizen or resident of the USA, and family income is within requirements, you can receive the Child Tax Credits.
Income requirements for:
- $150,000 if married filing jointly
- $112,500 if filing as head of household
- $75,000 if you are a single filer or married filing separately
- $400,000 if married filing jointly
- $200,000 for all other filing statuses