On Friday, October child tax credits will be available – How much should you give your family?
Payments for the Child Tax Credit are due to begin this week for millions of American families.
This will be the fourth installment of child tax credit payments for many families.
Payments for July, August, and September have been given out by the Internal Revenue Service (IRS). On Friday, it will send out the tax credits for October.
The payments will be worth around $15 billion in total.
Couples must earn less than $150,000, and single parents filing as heads of households must earn less than $112,500 to be eligible for the benefits.
If you meet the criteria, we’ll tell you how much your family may get.
Monthly installments of $300 are available to those with children under the age of six. Families will receive $250 for each child aged six to seventeen.
For example, if you have two four-year-olds and a two-year-old, you will earn $600 this month.
If your children are nine and four years old, the fee is lowered to $550. For children aged 10 and 12, the total cost would be $500.
Parents of a five-year-old child would be entitled to $300, while parents of a nine-year-old child would be entitled to $250.
Many families with children under the age of 18 would get monthly payments ranging from $250 to $600.
The more children you have, the more monthly payments you’ll earn.
Families with four children under the age of six would get a total of $1,200.
If two children are between the ages of one and five, and two children are over the age of six, the total will be $1,100.
Three children under the age of six would be eligible for a monthly stipend of $900.
The family would receive $800 if one child is under the age of six and the other two are older than six.
Each month, a family of four with children under the age of 18 should get between $1,000 and $1,200 in tax credits.
If you applied for child tax credits late, you may be eligible for increased checks worth up to $600 per child in October.
Parents with children aged six to seventeen receive $500.
This assumes you’ll get your first monthly payment in October.
If you have a four-year-old and a ten-year-old, your family will earn $1,100 this month.
That means you’ll receive $3,300 in total, with payments spaced out throughout the last three months of the year.
This compensates for the months of July, August, and September when there was no school.
Finally, payments are available to families with full-time college students between the ages of 18 and 24.
It will not, however, be a monthly payment; instead, it will be a $500 one-time payment for each student.
Families with two children… Brinkwire News.