Parents Will Begin Getting Hundreds in Monthly Cash Payments. Here’s How To Know If You Qualify.
Now that the stimulus package has passed and everyone is awaiting their stimulus check, there is another set of questions on the mind…
What about the monthly cash payments for parents?
As you may know, when the House passed The American Rescue Plan, it included the extension of the child tax credit in the relief legislation.
The relief legislation expands the child tax credit to $3,000 annually per child aged 6-17 and to $3,600 for kids under 6 for single parents earning less than $75,000 annually, $112,500 for head of households, and $150,000 for married couples.
The current child tax credit is $2,000 per child under 17 for single parents or heads of household earning less than $200,000 or married couples making less than $400,000 annually so, benefits have increased quite a bit.
So, to know if you qualify, you want to look at your AGI (adjusted gross income) on your most recent tax filing status. Either 2019 or 2020 (although it almost entirely time to file 2020).
If you are under the income guidelines above, you will receive the full benefits.
So, how exactly will this work?
Well, nobody knows with 100% certainty.
Rumors have been that if the Treasury Department decides to disburse those payments monthly, it would provide a guaranteed income for families.
This would be in the form of $300 monthly checks per child under 6 and $250 monthly checks per child between 6 and 17 from July to December.
Parents who qualify would be able to collect the other half of the child tax credit when they file their taxes in 2021.
This means, if you have children ages 2, 6, and 10. You will qualify for $9,600 total.
If payments begin in July, that would mean, from July to December, you’d receive monthly payments of $800 ($300 for the 2 year old, $250 each for the 6 and 10 year old).
The other half would then be a tax credit on your 2021 taxes.
So, while we don’t know fully how they intend to do it, we do know it’s coming to help parents who could really use the support right now.
Beside of the stimulus check I didn’t receive nothing For my daughter she’s four years old
What this doesn’t cover is my situation. I lost my home/job due to covid my home was part of my income. My ex husband is a money hungry jerk in order for me to keep my kids with me and move to my boyfriends in another state I have to give him the right to not only claim one child on taxes but I also have to play for their travel fees. Mind you if he was a decent dad it wouldn’t be an issue, he maybe had the kids 7 % visits living 30 minutes away never did anything with them etc. so because of that agreement I miss out on money for my kids. He pays 500 a month for both kids I am not working yet and he will reap the benefits, the last stimulus and his 2020 tax return he bought an engagement ring for his gf mind you he hasn’t and doesn’t pay for his kids! 14 yrs he has never bought a bday gift or Xmas gift for them, but has for the gf leaving the only present under the tree for her and breaking my daughter and sons hearts! But he gets money and they have never lived with him ridiculous
@Nom,
My ex pays child support but I always claim our son on my taxes. And I got the stimulus check for our son. Why don’t you start claim your kids on your taxes ? You can do that.
Hi. I currently Have 3 kids. One on the way. Baby due in August.
One of my kids turns 6 in October, would they be 300 or 250?
Is there a limit to how many kids get it?
Would baby get it this yr or next ?
What if you and your person you filled with broke up after taxes were done… How can u change where my part of money goes for my kids
What if we qualified on our 2019 taxes, but not our 2020 taxes? Do you know how that will affect us?
How will I put my newborn on this he was born Feb 2, 2021 or will we just get the full credit from him on next tax season like we should with the stimulus
Yes you would receive $250
What if u haven’t filed taxes in 5-6 years will you still receive it.
If I am a single mom that makes under 75,000 a year with a 12 year old… do I qualify for this? I already did my taxes and received a 2000 for head of household.
@Tracy, yes you would get $250
The people who really need it are the one who don’t work or are on SSI not the ones that work!!! Really dumb idea… and supposedly to take kids out of poverty so does that mean that the those kids that have disabled parents stay in poverty , how does that make sense.. SMH..
@Liz, this is my current situation I’m disabled and I have a 2-year-old
@Liz, exactly! and 75k is way above poverty! This needs to be redesigned to help more that actually need it.
@Liz, how could you possible say that! We workers pay for you to get on ssi. I don’t make much and if it wasn’t for us workers, you wouldn’t got a thing. So instead of your selfish childish self centered attitude. You might want to reconsider getting a job. I’m disable and I am a single mom and I work two jobs to pay for your selfish pathetic mouth. My child deserve this money more than you. Don’t start thinking we own u when u own us! A single deaf mother raised two children and successfully raised one disable daughter on her own. I taught her to get a job! It’s where u failed at.
@Liz,
Then the ones that don’t work should get a job..why should you get it if you don’t work..
@Dawnita, I wasn’t talking about you
What about all the parents that filed before the bill was signed and didn’t get near the 2000 that they were suppose to get!??
@Crystal, I would like to k own that to. We filed our taxes 5 or 6 weeks ago and still says processing.
@Kim, this for 2021 not 2020
@Kim, we filed back middle of February and ours is still processing too .
I have an 11 year old and this money could have helped. Bummer.
@Jes, you will receive it states.
What about parents that have to trade off claiming a child every other year? Does it go to the primary parent? Say one parent only gets summer parenting time and a few weeks through the year but the other parent has been well over half. Does that mean the noncustodial parent that doesn’t pay child support will get to collect that money?
@Crystal, I’d also like to know this too.
@Victoria Smotherman, same question!!
@Crystal, it’s whoever claimed the child on taxes with the IRS that will get the money. Both parents cannot claim the same child in the same year.
@Victoria Smotherman, im getting screwed on this too. bc they will get the monthly money but im supposed to claim him in 2021. so im gonna loose half my tax credit for him bc they claimed in 2020. its not fair.
So if child turns 6 in July do we get $3600? Or $3000 since payments will start then. Or is it based on their age at filing?
@Christina Baird, it goes by age of child last day of December 2021
What if you have a child born in 2021, do you get the money payment for them?
@Trisha, you’ll get the money starting with the new tax year. You’ll receive the $3600 tax credit when you file your 2021 taxes. All information right now will be based off of 2020 taxes.
I havnt filed an income tax since 2018
Would i still qualify?
@Jay, yes.
What if you get ssi/ssdi and have kids and didn’t work in 2020 will you still get the monthly money?
@Mel, I would like to know that too
My question is if a dependent is 17 end of 2020 and turns 18 before time to file taxes for 2021, then what? Will the monthly payments be sent (if that is what IRS goes with) going by age at time of filing 2020 return and still be able to request rest of $3000 on return filed for 2021? Or, as with previous CTC child turned 17 in 11/2020, no longer qualified for $2000? Who in their right mind thinks we don’t spend more to support a 17/18 year old while they are still in high school, than a toddler? And no excuse toddler requires daycare because there is a system for childcare credit.
@Pam Page, this is my question exactly!! To the months even.
@Dedee, I was wondering what about children still in school that you can still claim over 18yo. They should be included in this as well. Especially when the parent is still supporting them.
Wondering if the payments would be garnished for back child support
@Leigha, should be
@Alicia, the bill doesn’t say it’s taking for back child support this time. They only did that with the first one
@Nikki, the way I read it on IRS website they are keeping it if you owe taxes or child support.
@Leigha, YES
Great for the kids. Let’s hope the parents use it for kids. And let’s hope people don’t have more kids just to get money and not work for it. If you know what I mean.
And what about those without kids that are older and on a fixed income, like social security. Seems as if seniors are getting the bad end of the Styx these days.
@Shannon, I wondered the same thing.
@Shannon, it seems like it
Punishes parents who were responsible enough not
To have so many kids but that’s the liberals for you.
Always someone saying ” What about me?” I understand being poor is hard but being poor with kids is worse.
@Jessica david, I don’t have any kids under 18 so this doesn’t effect me but still can see the problem this causes! You can’t deny that it favors a certain group of people vs the other! All dependents should qualify not just under 18!!!!
Well that’s just great for young people with children… But how about us Seniors with just a small retirement ?????
@jan, yes! I just came to say the same thing. I’m single but close to retirement age and make ends meet but get no benefits. If they are going to provide aide let’s provide it to all of us.
@jan, lucky that you have the retirement. I have no guaranteed income and have kids to feed.
@jan, I agree