The White House says $15 billion in payments have been sent out to the families of nearly 60 million children. This plan is eligible only for this year.
For every child under the age of 6, families will get up to $3,600 under the expansion, or $300 per month. For every child between 6-17, families will get $3,000, or $250 per month. Credit last year was $2,000 per child, ages 0-16.
The amount is for families having income above $150,000 for married couples filing jointly, or $112,500 for single parents who file as head of household. Half of the credit will be disbursed over six months, with a payment made on or around the 15th of every month from now until December. You get the second half of the credit when you file your taxes.
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Those who file federal taxes will automatically get the monthly payments. Those who don’t need to register on a website set up by the IRS. People who don’t file taxes but received stimulus checks in the pandemic should automatically receive the payments.
The IRS created a website to manage payments. Just set up an account verify your identity before you can stop the monthly payments. This is where you can delay your credit amt.
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