Within days of the Child Tax Credit payments being released, the US White House has reported that most American families will automatically receive monthly payments from July 15th, 2021, without having to take any restrictive action. The objective of the federal government is to reach at least 39 million families as beneficiaries throughout the United States. For this reason, all working families will obtain the total credit if they earn up to $ 150,000 as a filing couple or $112,500 as a single mother or father, also known as the head of the family.
Unlike past years, the Child Tax Credit will be distributed by the latest date of July 15th. Generally, this support is granted one year after filing, no matter how much one needs it to deal with financial hardships. The mechanics of the distribution of the support has changed diametrically since now monthly payments will be made for a period of six months. For each child ages six to 17, families will receive $250 each month, and for each child under the age of 6, beneficiaries will receive $300 each month.
80% of families who receive their refunds from the IRS through direct deposit will receive these payments into their bank account on the 15th of each month through the end of 2021. Individuals not using direct deposit will receive their payment by mail at the same time. The pay-out mechanisms are similar to the stimulus check.
The Child Tax Credit has the sole purpose of combating the poverty that afflicts various sectors of the US population in order to ensure that families will have enough money to access the basic necessities they require and thus not unprotect their children. Although it has been publicly stated that to receive government benefits, in most cases, one must be a taxpayer. However, one may be eligible to receive Child Tax Credit payments, even if he/she has not recently filed the taxes. It is important to state that not everyone is obliged to declare their taxes due to their annual salary situation, which can be severely precarious. Therefore, if an individual has at least one qualifying child and earns less than $ 24,800 annually as a married couple, $18,650 as a head of household, or $ 12,400 as a sole taxpayer, then he/she can use the IRS registration tool for non-taxpayers to obtain support, practically without any problem.