Parents optimistic about Child Tax Credit starting Thursday
COLUMBIA, Mo. (KMIZ)
The Child Tax Credit from the American Rescue Plan rolls out Thursday and some Columbia parents are looking forward to the extra cash.
"I think it's awesome," said Joe Billet, a parent of three children. "I think it would help out a lot of people that desperately need it right now."
Those eligible for the full benefit, are single parents making less than $112,500 or a married couple making less than $150,000 and have children under 18.
If someone filed tax returns for 2019 or 2020, or if you signed up to receive a stimulus check from the Internal Revenue Service, they will get this tax relief automatically.
Those who get their refunds from the IRS through direct deposit will get these payments in their bank account on the 15th of every month until the end of 2021.
"We got the letter in the mail from the IRS saying that we were eligible and we decided to go ahead and defer the tax credit, so that we could get it in a lump sum later with our taxes when we do those next year," said McKenzie Peck, a parent of one child.
People who don't use direct deposit will receive their payment by mail around the 15th of each month as well.
You can sign up at childtaxcredit.gov but there are a few items you should have ready.
• Social Security Numbers for you and your children
• A reliable mailing address
• E-mail address
• Your bank account information (if you want to receive your payment by direct deposit)
The new Child Tax Credit enacted in the American Rescue Plan is only for 2021.