According to NBC4i, It’s a strain, but the head of the IRS said Tuesday he expects to meet the July 1 deadline in the new pandemic relief law for starting a groundbreaking tax program aimed at reducing child poverty. That means new advance monthly payments of as much as $300 per child could begin flowing to lower-income families this summer.
Individuals who make less than $75,000 or married couples who make less than $150,000 and file jointly will be eligible for the full tax credit per qualifying child.
Similar to the stimulus checks, the credit will phase out for people who make more than that, with individuals who earn $95,000 and married, joint-filers who make $170,000 not eligible for the financial boost.
If a family doesn’t qualify for the expanded child tax credit, they can still receive the $2,000 credit if the income level is below $200,000 for individuals and $400,000 for married couples.
Get Breaking News & Exclusive Contest in Your Inbox:
- Music Columbus and Power 1075/1063 Presents: Music Business Monday’s Virtual Music Conference
- Erica Campbell & Roland Martin To Host Urban One Honors May 16th On TV One
- Lori Harvey Breaks Down Her “Glowy And Radiant” Skincare Routine That’s Michael B. Jordan Approved
- Cori Bush Pushes Back After Using Gender-Inclusive Language During Powerful Testimony On Black Maternal Health
- Letitia James Files $2.75M Suit Against Right-Wing Voter Operatives Who Targeted Black Voters
- Queen Naija Opens Up About Getting A ‘Mommy Makeover’ To Feel Comfortable Again
- New Moms Reflect On Learning To Love Their Body After Having A C-Section
- Diva’s Daily Dirt: Greys Anatomy Fans Sad To See Jesse Williams Go
- Charm La’Donna Dishes On Her Sexy Street Style: ‘I Dress How I Feel’
- Watch: George Clooney Appears In Funny Sketch With Omaze To Support Charitable Cause
- The Lo Down: Tristan Thompson Reportedly Challenges Sydney Chase To Show Receipts Or “Shut Up”
- Georgia Judge Sets Trial Date In Ahmaud Arbery Murder Case