Low to middle income families who are not required to file returns may not be aware they are entitled to certain individual tax credits as well as refunds based on tax withholdings by their employer. Other people who may benefit include, those experiencing homelessness, students new to the work force who may have worked part time, and parents (child tax credit). Learn more here: Not required to file doesn’t mean shouldn’t file
Tag: child tax credit
The Positive Impact of the Child Tax Credit
Best way to help children? Give their families money. Farhad Manjoo for the New York Times Opinion discusses this idea and references recent studies that show how the Child Tax Credit helped by decreasing the child poverty rate in the US by 25%. The early payments also led to a reduction in the rates of food insufficiency in low-income households. Read more here, Biden Has Helped the Quiet Revolution of Giving People Money.
Advanced Child Tax Credit
Did you qualify for the Advanced Child Tax Credit? If so, did you accept the payments or opt-out? When it’s time to file your taxes, what is the best way to record or claim the Advanced/Child Tax Credit? This short video offers basic instructions on filing your forms and better understanding the Advanced/Child Tax Credit.
Child Tax Credit Details
Have you been getting Child Tax Credit checks from the IRS? As exciting as “free” money may be, it’s important to understand that this is only an advance and will be claimed later on your 2022 taxes. Did you know that you can opt out of these payments? It’s a simple process on the IRS website. If you are a married couple, each person will have to complete their own opt out form.
https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021