Congresswoman Grace Meng is urging Queens families to file their taxes before the upcoming May 17 deadline to ensure that they receive the full amount of the expanded Child Tax Credit, which will be in the form of advance monthly payments throughout the year.
“This expanded Child Tax Credit is a critical component of the American Rescue Plan that will greatly help families and children with important expenses as Queens and the nation recover from the coronavirus pandemic,” Meng said. “We must do everything possible to move our country forward and get our economy back on track, and these advanced monthly payments will put money in the hands of families now.”
Under the American Rescue Plan — the most recent COVID-19 relief package that Meng helped to pass in March — families could get monthly payments of up to $300 per child beginning as soon as July. The best way to ensure eligible families receive the correct amount is to file a 2020 tax return since the Internal Revenue Service (IRS) needs information from tax returns to calculate and issue advance monthly payments. Even if families do not have earnings to report or don’t normally file a tax return, it is recommended that they do so by the deadline.
Approximately 82 percent of children — or 120,500 children — in Meng’s sixth congressional district could benefit from the expanded and improved Child Tax Credit. About 38,500 households in the district could get an average total benefit of $2,400.
How much are the Child Tax Credit advance monthly payments?
The American Rescue Plan expanded the Child Tax Credit to up to $3,600 per child for children ages 0 to 5 and $3,000 per child for children ages 6 to 17. The American Rescue Plan also authorized advance monthly payments of the Child Tax Credit through December 2021. Beginning as soon as July and running through December, qualifying families can get up to $300 a month per child for children ages 0 to 5, and $250 a month per child for children ages 6 to 17.
Families will get their remaining expanded Child Tax Credit when they file their 2021 tax return.
Who qualifies for the Child Tax Credit advance monthly payments?
Families will qualify for a full credit if their income is below $75,000 for single filers, $112,000 for people filing as head of household, or $150,000 for people who are married and filing jointly. To be eligible, children must have a social security number, live with you for at least half of the year, be under the age of 18 as of Dec. 31, 2021, and be claimed on your tax return.
Children are eligible if they are your children, adopted children, stepchildren, half-siblings, foster children, grandchildren, nieces or nephews, or certain other relatives. The adult filing taxes must have a Social Security Number or an Individual Taxpayer Identification Number.