Qualifying Idaho Families To Get $300 Tax Credit Starting 7/15
Millions of American families will begin to receive an upfront payment of between $250 and $300 this week for the 2021 Child Tax Credit. Payments should begin hitting bank accounts for those that have set up direct deposit with the Internal Revenue Service by Thursday, July 15; others will get them in the mail.
A bit of relief is coming soon for taxpayers with children who are struggling to find employment in the form of a $300 check or deposit, which will be the first in a series of payments for those who met 2021 child tax credit eligibility, according to details shared at bgr.com.
These upcoming payments differ from the type of stimulus signed off on by former President Donald Trump in 2020, in that the $300 deposits go solely to low-income families in the U.S. The combined $36 million in payments might take longer to reach some U.S. families, based on how a person is set up to receive the aid. Some who qualify for the payments might be receiving checks in the mail, which could cause delays due to the ongoing pandemic.
The tax credit will mean eligible parents with kids under six years of age will receive $3,600 per child, while kids between the ages of six and 17 will net $3,000 for tax paying parents, according to bgr.com. Those parents that have not enrolled in the advance payment option, additional steps may be required. Payments will begin being distributed on the 15th of each month through the remainder of 2021.
For more information on the 2021 Child Tax Credit, click here.