Learn If you Qualify to Receive Child-Tax Credit Now
A law for tax payers was signed in March, giving parents a big boost to tax credits for their children. SnapBack has highlighted the changes in the tax Child Tax Credit for you. Here’s how it all works, and we have made it simple for you to learn the process to check if you qualify for the tax credits for children.
Amount Increased for Child Tax Credit
The new American Rescue Plan has made a significant increase in the Child Tax Credit. The amount Increased to $3600 for all children under the age of 6. Previously the Child Tax Credit was $2000. Similarly, the increase in tax credits for children of 6 to 17 years of age is $3000.
Are You Eligible?
This new law has increased the scope of the credit for eligibility. Before this new law, the Child Tax Credit was only for children at 16 or under. But now, all children at the age of 17 and under that age are covered with tax credits.
According to the reports, the credits or amounts are tapered off when an individual’s income value hits $75,000, and for parents, this limit is $150,000. You are still qualified for the $2000 credit. The annual income for any individual remains below $200,000, and just like that for married couples, the income stays below $400,000.
Where Parents Will Receive the Money
Parents who are qualified for receiving Child Tax Credits payments will be released to them periodically. Parents will start receiving payments from July 1, and they will....
