New child tax payments of $ 3,000, beginning in July

The IRS has good news for American families, the new $ 3 child tax credit, 000 will begin to be delivered in a few months

Photo: William Fortunato / Pexels

Commissioner Charles Rettig said in a hearing with the Finance Committee of the Senate, that the IRS plans to begin sending monthly payments from the new $ 3 child tax credit, 000 Dollars, as of July.

The child tax credit indicates that families will receive an annual benefit of $ 3, 000 per child from 6 to 17 years and $ 3, 600 for each child under 6 years for the fiscal year 2021.

The good news is given weeks after Rettig raised that the IRS was not sure it could co start sending payments to families in July and that checks may not be monthly at the beginning.

The argument was that the agency was overwhelmed with the extended tax filing season, which lasted from 15 April to 17 May, so did not have enough time to implement a portal for the child tax credit .

However this Tuesday Rettig when questioned by Senator Sherrod Brown, about whether the IRS would be ready to start the monthly payments of the child tax credit in July, agreed and said that in case of any unforeseen situation, he would give timely notice .

In accordance with the new law the full credit is for people with children who have lower adjusted gross income to $ 80, 000, or $ 150, 000 if it is a married couple filing jointly.

The Additional profit will be phased out for those who earn more money and will be phased out for the people with income of $ 80, individually and married couples with earnings of $ 170, 000 presenting u na joint return.

For those earning more than the above, they will still be eligible for the regular child tax credit, which is $ 2, 000 per child under 17 years for families earning less than $ 200 , 000 per year, or $ 300, 000 for married couples .

The credit extended is programmed to be distributed to families monthly from July and will be maintained until December 2021.

The monthly amounts will be $ 250 for older children and $ 300 for children under six years of age and families will be able to claim the remaining half of the credit when they file their income tax return. 2021 in the year 2022.

It is important to note that there is no limit on the number of children per family that can receive the credit , provided they meet the requirements .

Rettig emphasized that to receive the benefit, families with children must file a tax return of 2020, because otherwise the agency will not have the information it needs to deliver ar the credit .

With the child tax credit a family of four that earn less than $ 150, 03 could receive more than $ 12, 000 for pandemic aid this year thanks to the expanded child tax credit and stimulus checks of $ 1, 400 for adults and children.