IRS notifying families whether they are eligible to receive the Expanded Child Tax Credit
JACKSON, TN (WNBJ) - The IRS has started sending out letters to people all over the country notifying them that they are eligible for the Expanded Child Tax Credit.
According to the IRS, the Expanded Child Tax Credit is a part of the American Rescue Plan legislation passed earlier this year.
The plan will provide qualifying families with additional money to help reduce child poverty.
Some families could possibly receive up to $3,600 dollars for children under the age of six and $3,000 dollars for children between the ages of six and 17.
The IRS says those payments will be broken up into monthly payments.
“Be on the lookout for the new notifications from the IRS and then advance payments starting in July so if you’ve had the Child Tax Credit before, be for sure you going to be getting those advanced payments unless you opt-out when IRS turns on the new portal,” said Mark Steber, the Chief Tax Information Officer at Jackson Hewitt Tax Service.
Jackson resident Sarah Long believes the rescue plan will be very beneficial to families.
“I think we as a people, we as a society could really use that right now with everything going on and I think the children are important, if anybody gets it, it should be kids,” said Sarah Long, a Jackson resident.
Families who have had a baby recently can also receive funds as well.
“If you’ve had a new child in 2021, in particular, that was not on your 2020 tax return or if you just overlook this, which many taxpayers do every year. They don’t know they qualify, and they do it themselves and leave it off then you certainly should probably reach to a tax professional,” said Mark Steber, the chief tax information officer at Jackson Hewitt Tax Service.
The IRS says those payments will begin going out in mid-July and will be paid monthly through December.