The Internal Revenue Service (IRS) has already distributed the first payment corresponding to the advance of the increase to the Child Tax Credit (CTC). Previously, the most you could claim per dependent was $ 2,000; now you can be a creditor up to $ 3,600.
It is worth mentioning that The increase will only be valid for one year and the total amount of the credit will be divided into 12, in such a way that the aid is constant through monthly payments. These payments they will be broadcast automatically on the 15th of each month, with the exception of holidays and weekends; in these cases, payments will be advanced.
Having said that, The amount you are eligible for will depend purely on the age of your dependents. If these are under six years, you will receive a total payment of up to $ 3,600 ($ 300 per month) and if they have between 6 and 17 years old, you may be eligible for a payment of $ 3,000 ($ 250 per month).
Child Tax Credit: What’s the Income Limit for Joint Taxpayers, Singles, and Parents?
To be eligible, you must meet certain requirements, like being within the income threshold or that your dependents are within the age threshold. Here are the requirements:
- The dependent must be under 17 years old
- The dependent must have a valid social security number
- The dependent must have U.S. citizenship (resident aliens also apply)
- The taxpayer must have a AGI of $ 75,000 or less for individuals ($ 150,000 couples). If the income is higher, you will receive $ 50 less for every $ 1,000 of income over the threshold
- The dependent must live with the taxpayer
For married couples filing a joint return, at least one of the spouses must have a social security number or an ITIN
If you are eligible for the CTC, The IRS will send you a first letter to let you know your eligibility and a second to inform you of the amount for which you were eligible.
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