The Child Tax Credit in the American Rescue Plan provides the largest Child Tax Credit ever and historic relief to the most working families ever – and as of July 15th, most families are automatically receiving monthly payments of $250 or $300 per child without having to take any action. The Child Tax Credit will help all families succeed.
The American Rescue Plan increased the Child Tax Credit from $2,000 per child to $3,000 per child for children over the age of six and from $2,000 to $3,600 for children under the age of six, and raised the age limit from 16 to 17. All working families will get the full credit if they make up to $150,000 for a couple or $112,500 for a family with a single parent (also called Head of Household). Click here to learn more!
The IRS is now holding over 30 million returns (not only 2020 returns) in total for manual processing which is delaying millions of taxpayers’ refunds. Below are links to some excellent information from the Taxpayer Advocate Service and from the “Saving to Invest” website about delayed refunds and some tips on how to check on the status of the refunds.