CHARLESTON, WV (WOWK) — Parents may soon be getting a financial boost that could help with the cost of the essentials when it comes to raising kids.
The expanded Child Tax Credit could help cover the costs of rent, daycare and groceries. Millions of families will get a letter soon letting them know extra money will be hitting their bank accounts on July 15th.
When it comes to raising a family, the costs can be high. That is why many parents say they are excited about the 2021 Child Tax Credit. It is part of the federal government’s $1.9-trillion American Rescue Plan.
“I have four daughters, so everything has become more expensive and income is not keeping up with the cost of everything,” said parent Heather Paris.
To qualify people have to have children 17 or younger and fall into a certain income bracket.
Many are hoping the money will help address child poverty across the country.
“Through tax credits and food assistance and housing assistance and health care coverage and direct checks the American Rescue Plan will lift half of America’s children out of poverty,” Vice President Kamala Harris said at an appearance this week in Pittsburgh.
The move increases the benefit from the $2,000 credit taken annually when you file your taxes to up to $3,600 per child with half the amount divided into 6 payments to be paid out on a monthly basis.
The rest would be claimed on your 2021 tax returns.
“Families deserve to have more of a break when they have children because everything when it comes to kids has gone up,” Paris said.
If you don’t wish to receive those monthly payments you can opt out here online.
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