Many Americans to receive unexpected cash through tax credit
Millions of American parents will be pleasantly surprised when they receive their tax returns this year, as a result of the the enhanced child tax credit.
Previously, only people who earned enough money to owe income taxes could qualify for the full credit.
But as part of the $1.9 trillion coronavirus relief package, President Joe Biden expanded the program, increasing the payments to up to $3,600 annually for each child aged 5 or under and $3,000 for those who are ages 6 to 17, The Associated Press reports.
The monthly payments have amounted to $300 for each child 5 and younger and $250 for those between 5 and 17.
The government began to send the payments out — an overall $93 billion — on a monthly basis starting last July. Now, there are an additional six months’ worth of payments waiting to be claimed. And some families haven’t collected any of the benefits they’re due yet. In all, an estimated $193 billion is yet to be claimed.
The only way to receive that money is to file a tax return.
For those who have questions regarding the amount of credit they have already received, there is assistance.
Eligible families who didn’t receive any advance child tax credit payments during 2021 can still claim the full amount of the child tax credit on their federal tax return. Those families who are unsure of whether they’ve received payments, or potentially received paper checks that went uncashed, can visit the Child Tax Credit Update Portal, to see how much of the credit they should have received.
The IRS urges individuals to file their taxes electronically to process forms quicker, and provides links on the agency website to free filing sites like GetYourRefund.org, which helps families earning less than about $66,000 a year file their taxes for free. The organization partners with IRS-certified Volunteer Income Tax Assistance, and provides free help in English and Spanish. Another option is MyFreeTaxes. com, which provides virtual assistance to people who make $58,000 or less to file their federal and state taxes for free. That service is offered through the United Way.
The IRS has launched a website, called ChildTaxCredit.gov, which lists criteria that filers must meet in order to receive the full credit. Additionally, the federal agency will begin offering walk-in assistance with IRS volunteers, beginning Saturday.
The pandemic has been a difficult experience for each and every one of us — it’s great to see that many parents are going to get some assistance, and will now be more equipped to put a little more food on the table, or take a much-needed family trip this year.
Remember, the tax filing deadline is April 18.
— The Mining Journal, Marquette


