04/27/2021
New Alert !!!!
Tax Info ‼️⬇️
Child tax credit information:
Beginning in July parents should begin to receive monthly payments of either $300 (children up to 5 years old) for a total credit of $3,600 or $250 (children 6-17 years old) for a total credit of $3,000. These payments will continue from July-December. The remaining amount of the credit will be given on next year's tax filing.
Older children (18-24) can receive a one time payment of $500.
The IRS will use information from your tax returns to start sending out these payments. If you haven't filed 2020 yet, you should do so ASAP (the deadline is May 17, 2021).
If you don't normally file taxes, you will have to file for 2020 to get access to this money.
If you would rather opt out of the monthly payments and receive a lump sum credit on your 2021 taxes (filed next year), you will be able to choose that option as well.. The IRS should be putting up a portal to do that.
💢Basically, that money is not Free money. It is an advancement of your 2021 (next year) CTC tax credits. So, some of you who depend on those credit need to opt out. Otherwise your 2021 refund will be Super low or you might owe.
Of course, this info is subject to change. If I hear of any changes I will keep you updated.
