The Internal Revenue Service (IRS) will begin sending monthly payments to families starting with the new $ 3,000 child tax credit starting in July.
IRS Commissioner Charles Rettig confirmed the schedule on Tuesday during Congressional testimony, and told the Senate Finance Committee that “if we end up without getting on track in an unforeseen situation, we will advise you and the committee “.
The extension of the children’s tax credit was included in the $ 1.9 trillion stimulus package President Biden
Joe BidenIRS will launch payments for a thousand child tax credits in July to Capitol police, telling him not to use the most aggressive tactics in responding to the riots. According to a report, Biden will accompany the first lady to the appointment for a “common medical procedure” MORE signed into law in March. The law provides families with $ 3,000 per child between the ages of 6 and 17 and $ 3,600 for a child under the age of 6 for fiscal year 2021.
Credit will be made available to people earning less than $ 75,000 or couples who earn less than $ 150,000. Payments are eliminated as they increase and limit income on people earning $ 95,000 and on couples earning $ 170,000.
Payments will be made at monthly intervals and will be made until December. Those with older children will see payments arrive in $ 250 increments, while those with children under 6 will receive their payments in groups of $ 300.
People above the threshold can still get the normal tax credit, which would provide $ 2,000 per child under the age of 17 to people earning less than $ 200,000 a year or couples earning less than $ 400,000.
Rettig had warned that the IRS may not be able to start sending payments in July, as an extended fiscal season had its agency underwater.