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Saturday, May 15, 2021

Child Tax Credit Worth $3000 To Begin From July, As Per The IRS

American families should be happy to receive the good news. The new child tax credit worth $3000 is going to be sent out from July, as per the IRS plan. On Tuesday, Charles Rettig, the Commissioner, said so during the hearing for the Senate Committee on Finance.

The Latest Plans For The Child Tax Credit

The latest covid relief plan worth $1.9T had significantly expanded and introduced a new child tax credit in all of the changes. President Biden had signed the law back in March. As per the law, American families will be receiving $3000 annually as benefits for each child aged between 6 and 17. For each child below 6, the child tax credit will increase to $3,600 and will be paid in the tax return for 2021.

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Some weeks prior, Rettig had stated that the tax agency was uncertain on whether the body would manage to start paying out the amounts in July to families. Moreover, it was also uncertain whether the tax credit would be sent out monthly for the first few months.

He had stated the IRS was having difficulty processing the tax returns because of the extension of the tax deadline. The deadline was moved from 15th April to 17th May for private individuals. As such, the tax body did not have enough resources and time to direct towards creating as well as launching the child tax credit portal.

However, on Tuesday, Senator Sherrod Brown, one of Ohio’s Democrats as well as one of the Senate Committee on Banking’s ranking members, asked Rettig on the IRS’ status when it came to paying child tax credit in July. In reply, Rettig simply answered that they are, and any unforeseen delays will be notified should they happen.

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The full amount of the child tax credit is only available for individuals with children as well as having an AGI between $75000 and $150000.  

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