Have questions about the Child Tax Credit? Here are some answers.
Millions of families have been sent the first payment in the expanded child tax credit. The payments were approved as part of the $1.9 trillion stimulus package that President Joe Biden signed into law in March.
On Thursday, Congressman Raul Ruiz, MD will be holding a roundtable discussion on how these payments will impact Coachella Valley families.
Do you have questions about the Child Tax Credit? Send them to SHARE@KESQ.com and we will work to get answers for you.
According to the Congressman's office, 92.3% of children in CA-36 could get up to $300 per child every month July-December as Part of the American Rescue Plan.
Dr. Ruiz invited local families, FIND Food Bank, Riverside County Office of Education, Lift to Rise, TODEC Legal Center, and Jewish Family Services to the virtual roundtable discussion of the advanced monthly payments of the American Rescue Plan’s expanded and improved Child Tax Credit.
You can watch it in the player below.
Here are some questions we've received so far and answers that may help.
Who qualifies?
The full enhanced credit will be available for heads of households earning $112,500 and joint filers making up to $150,000 a year, after which it begins to phase out. Families can check their eligibility through this IRS website.
How much will I get?
That depends on your household income and family size.
Eligible families can receive a total of up to $3,600 for each child under 6 and up to $3,000 for each one age 6 to 17 for 2021. That’s an increase from the regular child tax credit of up to $2,000 for each child up to age 17.
When will I see the money?
Parents will receive half their credit — up to $300 a month for each child under age 6 and up to $250 for each one ages 6 to 17 — on a monthly basis from now through the rest of the year. The payments will be made on the 15th of each month, unless it falls on a weekend or holiday.
They can claim the other half when they file their 2021 taxes next year.
You can check to see if you are enrolled to receive the advance payments at an IRS portal.
Is this different than the California Golden State Stimulus II?
Yes, it is. Millions of Californians are set to receive stimulus checks as part of the California Comeback Plan, which Governor Gavin Newsom signed into law on Tuesday.
The new state budget includes payments to middle class families are set to total of $12 billion through Golden State stimulus checks, the biggest state tax rebate in American history, according to Newsom's office.
Taxpayers who make up to $75,000 a year will qualify to receive stimulus checks of $600. Families with kids will receive an additional $500. The Governor's office notes that two out of three California will get stimulus checks.
Estimate your Golden State Stimulus amount here.
MORE: First child tax credit payments have been sent. Here’s what you need to know
