Who are the taxpayers who qualify for an extra $300 for the Child Tax Credit?

The Child Tax Credit (CTC) in the United States is a program of the Internal Revenue Service (IRS) aimed at families with minor dependents, In recent years this tax benefit has been of great help, especially for low-income households..

For this tax filing season, the average amount for households that opted for the CTC is up to $2,000, of which $1,600 will be refundable. However, Maine taxpayers who applied and were approved will automatically receive an extra payment of $300.

In this sense, taxpayers who will benefit from additional money in Maine must meet some requirements:

• Have submitted the tax return before February 27, 2024.
• Be taxpayers in the state of Maine.
• Have been a resident during part of the tax year being claimed.
• Be a full-time resident of the state of Maine.
• Have an adjusted gross income (AGI) limit that does not exceed $200,000 for single filers and $400,000 for joint filers.

Other unclaimed tax refunds

Furthermore, the IRS recently announced that there are $1 billion in unclaimed fiscal year 2020 tax refunds, which is equivalent to about 940,000 taxpayers across the United States.

In this regard, IRS Commissioner Danny Werfel highlighted “we want taxpayers to claim these refunds, but time is running out for people who may have overlooked or forgotten these refunds. There is a May 17 deadline to file these returns, so taxpayers should start soon”, he indicated.

It is estimated that the average of this tax refund is $932 dollars. The time allowed to file the declaration and claim refunds is up to three years, If that period expires and you do not present it, the money becomes the property of the Treasury Department..

Finally, although there is still a month and a half left to file a claim, Werfel said “some people may not realize that they are owed a refund. We encourage taxpayers to review their files and start collecting documentation nowso that they do not run the risk of missing the May deadline,” he said.

Keep reading:

• The average tax refund is $3,000: 5 tips to put it to good use
• Child Tax Credit: these are the states that grant the most benefits
• Deadline to request the $1,300 stimulus check is until March 31