This is the result of the American rescue program. Credits aren’t new, but parents are receiving more money. In addition, they receive half in monthly installments until the end of the year.
See: Chicago Part 1
Michael Devine of the Internal Revenue Service said parents with children under the age of 17 are eligible. Credits are up to $ 3,600 for children under 6 and up to $ 3000 for children 6-17.
Authorities have already sent approximately 36 million letters to families who may be eligible for child tax credits, based on the information provided in their previous tax returns.
“What we want to do is to let people who don’t normally file tax returns give the IRS their information. They can do that by visiting our website. .. irs.gov“Levine said.
See: Chicago Part 2
Credits can add up to $ 3,600, but monthly payments range from about $ 250 to $ 300 a month. YWCA General Manager of Metropolitan Chicago Michi Rifson said it could have a significant impact on some families, especially after the COVID-19 pandemic.
“Child tax credits should combat some of the income lost to households throughout the state, but hopefully help create greater equity in the face of families with respect to economic conditions. “Rifson said. ..
Get My Payment IL Coalition is a group working to raise awareness of the expanded child tax credits. Christine Chen, who belongs to the group, said discussions were underway to expand it after 2021.
“This money is very important, especially for families with very little or no income, because they were not even eligible for a child tax credit before, so the funds associated with expanding this deduction are very important. It would certainly be very important if many families could lobby for the extension of this expansion to meet their basic needs, save for the future, and really achieve their goals. Let’s do it, “said Chen.
People can visit www.getmypaymentil.org See if you are eligible for federal financial impact payments or stimulus checks. You can also call the 888-553-9777 hotline.
In addition, people can visit https://www.voices4kids.org/ For resources and information.
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Our Chicago: Stimulation Package, Child Tax Credit as Part of US Rescue Plan
Source link Our Chicago: Stimulation Package, Child Tax Credit as Part of US Rescue Plan