The first wave for the Child Tax Credit is scheduled to come out on July 15. Before the date, you should check on your eligibility status and requirements.
The U.S. government is ready to pay eligible familiesthe child tax credit money to help with expenses and child care services. However, the money you can receive depends on a lot of different factors.
Child Tax Credit Income and Age Cap
Qualifying families are filers who earn an adjusted gross income as listed below:
- AGI $75000 - $240000 (Single Filer)
- AGI $112500 - $240000 (Head of Household)
- AGI $150000 - $440000 (Couple filing Jointly)
To clarify, filers who earn below the income bracket can get the child tax credit money at the total amount. Families who earn within the threshold will have some of the credit money phase out, proportionate to their income. Lastly, anybody earning above this income threshold would automatically have their child tax credit money canceled.
Dependents also have qualifications proportionate to the money they can receive.
- Age 5 and younger - $3,600
- Age 6 to 17 - $3,000
- Age 18 - $500
- Age 19 to 24 - $500
Adopted children and newborn babies also qualify for child tax credit payments. You can claim the money if the IRS recognize these children as your new dependents. You can update your information through the IRS Child Tax Credit Portal.
Also, you can calculate the exact amount IRS is supposed to send you by using online calculators.
Child Tax Credit Tracker and Eligibility
The IRS use information from your 2019 or 2020 tax returns to process your payment. If you are a non-filer because your income is too low or you don't have a permanent address, then the IRS will not process your payment.
It is recommended that you immediately file your tax returns through the IRS Non-filer tool online. Filing your requirements would immediately prompt the system to begin the process not only for your child tax credit payment, but for any government financial aid program eligible to you.
A late filer will not receive the child tax credit payment for July. However, they could receive the next payment scheduled on August 13.
Can You Claim $3600 If Your Child Has No Social Security Number
Cnet reported that other child tax credit eligibility requirements for your child are as follows:
- The child you're claiming must live with you for at least six months out of the year.
- You and your child must be US citizens, unlike mixed-status households.
- For married couples filing jointly, at least one spouse needs to have a Social Security number or an ITIN.
- The child must also have a Social Security number -- a child with only an ITIN won't qualify. (This includes adopted children.)
- Parents who share custody of a child cannot both receive the tax credit.
IRS emphasizes that children who have an individual taxpayer identification number (ITIN) cannot receive the money unless they get a social security number (SSN). It is suggested that you process your child's SSN before the year ends to qualify for the ongoing child tax credit payments.
Related Article: Tax Refund Schedule for July 2021: How to Use 'Where's My Amended Return?' Tool, File for Form 1099-G to Know Your Payment