AS a third wave of stimulus payments is being sent out to Americans, families could get up to $3,600 per child in an additional tax credit.
The Child Tax Credit allows eligible parents to get a bonus of up to $1,600 per dependent – and it will be rolled out in coming months.
The Child Tax Credit allows parents to claim up to $3,600 per child[/caption]
According to CNET, parents with kids up to age five can claim up to $3,600, while kids age six to 17 can be claimed for an additional $3,000.
Dependents 18 and older can be claimed for an additional $500.
This is up from the $1,400 stimulus payment that adults are eligible for per child dependent.
Single filers making up to $75,000, heads of household making up to $112,500, and married couples making up to $150,000 can claim the Child Tax Credit in full.
The amounts will begin phasing out for those making above the income threshold.
Under the American Rescue Plan, the Child Tax Credit checks are slated to start rolling out in July, CNET reports.
Americans are set to receive $1,400 per individual under the third stimulus package[/caption]
A specific date has yet to be set, however.
The IRS said in a statement it’s making information on the Child Tax Credit – with advance payments – “available as soon as possible.”
“The IRS strongly urges taxpayers to not file amended returns related to the new legislative provisions or take other unnecessary steps at this time,” the government agency said.
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Many are eagerly waiting to see if a fourth wave of payments may come in coming months.
Source: The Sun
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