What parents can expect from child tax credit in COVID-19 relief bill
WICHITA, Kan. (KWCH) - The $1.9 trillion COVID-19 relief bill provides a new child tax credit, which could provide families hundreds of dollars per months per child if they qualify. This is good for the 2021 tax year.
Among the Wichita families that could benefit are the Griers. William Grier and his wife have six children. They say, the pandemic has not been easy, especially because William was laid off from his job and he hasn’t received unemployment.
“By the grace of God we have survived this long,” he said.
The credit is for individuals making up to $75,000 per year and couples earning up to $150,000.
So how much will you get for each child from the relief bill? If you have a child younger than six, you get $3,600 and if you have a child six to 17 years old, you’ll get $3,000.
The Griers are one of millions of American families expected to get more money with the new stimulus.
“I am for the child aspect of it. Our savings and stuff is completely gone and that’s going to give us some breathing room,” William said.
The new benefit does not require parents to have a job or to earn a minimum income. And rather than waiting until you file your taxes and get this refund next year, the IRS will pay families monthly installments, starting this summer. Families could receive half of their 2021 child tax credit this year and claim the remaining amount on their 2021 tax returns.
You’ll also want to keep an eye out for a new online portal from the IRS that will allow you to opt out of the payments if you’d rather get a lump sum at tax time. William Grier and his family say this money will help them to continue getting by.
“We are thankful for any help that we receive. (Whether) that be local or federal, we are truly thankful for that, and so are the kids,” William said.
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