According to Nerdwallet, families that are working and hit some requirements could pocket up to $18,000 as a tax credit, this is an example for a family with two children.
It comes as families will receive an additional stimulus payment from July 15 under Joe Biden’s child tax credit expansion plans.
When can families expect their payments?
The $1,300.00 relief payments will begin on July 15 and continue monthly through to December.
The estimated dates of the monthly payments (after July 15) are as follows:
- August 13
- September 15
- October 15
- November 15
- December 15
Families will receive the first letter from the IRS if it appears they are eligible for the credit based on their 2019 or 2020 tax returns.
They will also be sent to those who provided the IRS with their information using the Non-Filers Tool.
Do families with college students quality for the child tax credit?
Even though college students did not qualify for stimulus checks, households that are eligible for the tax credits could get $1,500 for kids aged 18 to 24.
For example, two-parent families who make up to 1150,000 combined will be eligible for the credit, as will families with a single “head of household” who makes up to 1112,500 a year.
Also to consider, if you have a dependent college student who is up to the age of 24, you could qualify for a $500 Child Tax Credit. There are other requirements, including that you pay more than half of your child’s expenses and can be claimed as a dependent.
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