Ann Carrns, of The New York Times, has made available for download her article “What You Need to Know About the Child Tax Credit”, published in The New York Times. The abstract is as follows:
In about three weeks, millions of American families will receive the first of six monthly payments of up to $300 per child from the federal government, thanks to an expanded child tax credit.
The payments are a partial advance of a credit that would normally be claimed on next year’s tax return. But to help families pay bills now, postpandemic, they will get half of the credit early, in monthly payments over the second half of this year.
The vast majority of eligible families — which total as many as 39 million households, with 65 million children — don’t have to do anything to get them, says the Internal Revenue Service, which is distributing the money. The payments will be automatically deposited into recipients’ bank accounts or mailed as checks.
Posted by Marin Larkin, Associate Editor, Wealth Strategies Journal.