Child tax credit funds to hit central coast parents’ bank accounts
WATSONVILLE – Parents on the Central Coast could see IRS money hit their bank accounts as early as Thursday, according to Congressman Jimmy Panetta who joined Santa Cruz County officials in announcing the new credit to more robust family tax.
âWe used the tax code to give money to the people who need it most, to working parents,â Panetta said Monday at Watsonville City Plaza. “We’ve improved the tax credit so you don’t have to wait to file your taxesâ¦ you’ll get it every month.”
Families could see total credits ranging from $ 3,600 to $ 3,000, which will be paid out in monthly installments. Previously, credits capped at $ 2,000.
The amount that residents of the Central Coast will receive depends on the age and number of children in a family.
Parents can expect up to $ 300 in funds per month for each child under 6 and $ 250 for children under 17. Payments will be recurring on the 15th of each month.
“We know better than most on the central coast that working parents need it now,” said Panetta.
Federal funds are part of President Joe Biden’s $ 1.9 trillion COVID-19 stimulus package, enacted in March.
Families who receive the # Child tax credit by direct deposit can plan their budgets around the receipt of the service on the 15th of each month, as of July 15, 2021. https://t.co/X085xjOZka pic.twitter.com/7WmTQwyRap
– IRSnews (@IRSnews) July 8, 2021
Married couples with a combined maximum income of $ 150,000 and lone parents earning up to $ 112,500 are eligible for the family tax credit.
Those who filed taxes in 2019 or 2020, as well as those who registered with the IRS for a stimulus check, should be automatically eligible for the credit, according to Vice President Kamala Harris, who spoke about the reductions in the credit. ‘taxes in a televised address in June.
Those who have not followed the above steps still have options for obtaining the funds.
First, confirm eligibility using this IRS tool: https://www.irs.gov/credits-deductions/advance-child-tax-credit-eligibility-assistant.
Then use the tax credit registration portal: https://www.irs.gov/credits-deductions/child-tax-credit-non-filer-sign-up-tool.
If you filed taxes or got a stimulus check, the tax credit should show up in your bank account registered with the IRS. Otherwise, the funds will come by mail in a paper check or prepaid debit card.