LUBBOCK, Texas (KJTV) - Lubbock families with children can expect thousands of dollars to hit their bank accounts soon as the Child Tax Credit funds come early this year. The amounts have nearly doubled.
Who is eligible for the child tax credit?
Anyone who has a child and has lived with that child for at least six months.
How much money am I eligible for?
Depending on the child’s age, you could receive a cap of $3,600 per child. In the past, the credit was valued at $2,000.
What has changed compared to previous child tax credits?
The amount of money was raised from $2,000 to $3,600, and there is now the option to receive half of these funds before you receive your income tax return. Half of the money can be paid in monthly installments beginning mid-July.
Do I have to receive monthly payments?
No, it is optional to receive the money early. You can wait for a lump sum on next year’s tax return or use it to balance your tax bill.
For more information on your eligibility and how to opt out of monthly payments, visit this IRS website.
The deadline to opt out of monthly payments is July 1, 2021.
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