Families to begin receiving Child Tax Credit payments July 15
CHARLOTTESVILLE, Va. (WVIR) - On July 15, you may begin to receive monthly payments for your children if you filed a 2020 or 2019 federal income tax return and claimed the regular Child Tax Credit.
Beginning Thursday, 1.5 million Virginian children will have access to monthly help.
“Families with children of modest means can get up to $300 per month as a refundable tax credit for any child in the house under age 6 and $250 per month for any child under age 18,” U.S. Senator Tim Kaine (D-Virginia) said.
Families can receive up to $3,600 for each child up to 6 years old and $3,000 for kids ages six to 17 through the IRS.
Kaine and U.S. Senator Mark Warner (D-Virginia) have been pushing for this type of pandemic relief for Virginia families.
“It will reduce child poverty in Virginia by 85,000 kids, a huge step forward in terms of taking seriously the needs of our young people,” Kaine said.
Miranda Heatwole with Accounting Solutions says some families may choose to opt out of this money.
“When you file, there’s a chance you may have to pay some of it back if you don’t meet income requirements. So it’s less than $75,000 for a single filer, 150 if you’re married or filing jointly with a spouse, and $112,500 if you’re head of household,” Heatwole said.
That’s why it’s important to view your status before receiving the first check.
“If you aren’t sure that you’re going to make it in under that requirement, go to the IRS website and use that child tax credit update portal and opt out. That way you don’t have to worry about possibly having to pay it back” Heatwole said.
Families who qualify for this money will receive these payments on the 15th of each month until December unless it falls on a weekend or holiday.
Copyright 2021 WVIR. All rights reserved.