What must I do to qualify for the Child Tax Credit?
Families who paid federal income taxes in 2020 or 2019 or signed up for stimulus payments through the IRS's non-filer portal last year will not need to do anything else to get the benefit. On July 15, over 60 million youngsters got the CTC benefit in the form of a paper check or a direct deposit into their bank accounts. Can you get child tax credit with no income?
You still have time to collect the CTC if you did not file your taxes in the last two years or sign up for a stimulus check last year through the Non-Filer sign-up page. However, you will need to perform additional steps. You can sign up for your CTC monthly payment and stimulus check utilising the new CTC Non-Filer Sign-up Tool. Families who aren't sure if they need to take any further steps to sign up for the CTC can use the Consumer Financial Protection Bureau's helpful flow chart. You can also check your eligibility for the CTC using the CTC Eligibility Assistant Tool. Can you get child tax credit with no income?
How much
money am I going to get?
Simply put, it depends on your income, the number of children you have, and their ages.
Families making $75,000 or less per year for single filers, $112,500 for heads of household, and $150,000 for married couples filing jointly are eligible for the newly enhanced CTC. You will receive $3,600 for each child under the age of six and $3,000 for each child aged six to seventeen, with monthly payments beginning on July 15th. Families will get $300 every child under the age of six, and $250 per child between the ages of six and seventeen. After July 15, if you sign up for advance payments, you may get greater monthly instalments until the end of the year.
For example, if you have one child who is seven years old, you will earn $3,000 each year, or $250 per month. If you have two children, ages four and seven, you'll get $6,600 each year, or $550 per month ($6,600 divided by 12 months).
How do I
prove my eligibility?
The substantially enlarged CTC is available to families in the United States and its territories. Joint filers who earn up to $150,000, single heads of households who earn up to $112,500, and other single filers who earn up to $75,000 are eligible for the full CTC advance payment.
Every $1,000 in additional revenue received reduces the monthly payment by $50. Individuals making up to $200,000 and joint filers making up to $400,000. are still eligible for the $2,000 per child benefit for higher-income families who previously qualified. That is, they will not be paid less than they were previously.
To utilise
the CTC Non-Filer Sign-up Tool, what information do I need?
You can
use the tool right now if you meet the following criteria:
● You did not file taxes in 2019 or 2020, and you have no intention of doing so this year.
● The third stimulation check was not claimed by you.
● Your household income in 2020 will be less than $12,400 ($24,800 for a married couple and $18,650 for the head of household).
You'll
need the following items to use the tool:
● Your entire name, date of birth, and SSN are required fields (or tax identification number)
● Full names, dates of birth, and Social Security numbers for your children
● a dependable postal address
● An e-mail address is required.
● Information about your bank account (if you want to receive your payment by direct deposit)