When Will Child Tax Credit Checks Be Mailed?
Contents
When Will Child Tax Credit Checks Be Mailed?
The long-awaited child tax credit checks will finally start being mailed out this week. If you’re wondering when you can expect your check to arrive, here’s what you need to know.
Checkout this video:
Introduction
The Internal Revenue Service (IRS) has announced that it will begin issuing economic impact payments to eligible taxpayers in early May. These payments, also known as stimulus checks, are part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was passed by Congress in late March.
According to the IRS, approximately 95% of taxpayers who are eligible for a stimulus check will receive their payment via direct deposit. For those who do not have direct deposit information on file with the IRS, the agency will begin mailing paper checks and EIP cards (similar to a debit card) in early May.
The CARES Act stipulates that each eligible taxpayer will receive a one-time payment of $1,200 ($2,400 for married couples filing jointly). In addition, parents will receive an additional $500 for each qualifying child under the age of 17.
What is the Child Tax Credit?
The Child Tax Credit is a tax credit that is worth up to $2,000 per child under the age of 17. The credit is refundable, which means that if you don’t owe any taxes, you can still receive the full amount of the credit as a tax refund.
To qualify for the credit, you must have a child who meets all of the following criteria:
-The child must be under the age of 17 at the end of the tax year.
-The child must be your biological child, stepchild, foster child, sibling, or a descendant of any of these (such as your grandchild).
-The child must live with you for more than half of the tax year.
-The child cannot provide more than half of their own support during the tax year.
How do I know if I’m eligible for the Child Tax Credit?
How do I know if I’m eligible for the Child Tax Credit?
To be eligible for the credit, a child must have been younger than 17 at the end of 2019 and must have been a U.S. citizen, U.S. national or a resident alien for tax purposes with a Social Security number that was issued before the due date of the return (including extensions). In addition, the child cannot provide more than half of his or her own support, cannot file a joint return with his or her spouse and generally must live with you for more than half of 2019.
You may claim the credit if you’re married filing jointly and your combined income is less than $400,000 ($200,000 if you’re filing as a single taxpayer). The credit begins to phase out for taxpayers with incomes above these level and is completely eliminated for taxpayers with incomes of $440,000 or more ($240,000 if you’re filing as a single taxpayer).
How do I claim the Child Tax Credit?
To claim the Child Tax Credit, you must file a tax return and list each qualifying child. The IRS will then calculate the amount of the credit based on your income and the number of qualifying children.
If you are claiming the credit for the first time, you will need to provide certain information about your child, such as their date of birth and Social Security number. You will also need to indicate whether you are claiming the credit as a refundable or non-refundable credit.
If you are claiming the credit as a refundable credit, you will need to provide your bank account information so that the IRS can direct deposit your refund. If you are claiming the credit as a non-refundable credit, you will not receive a refund but the credit may reduce your tax liability.
When will my Child Tax Credit check be mailed?
The Internal Revenue Service (IRS) has announced that it will begin issuing economic impact payments, also known as stimulus checks, to eligible taxpayers in early May. The agency will use the information from your most recent tax return (2019 or 2018) to calculate and issue the payment. If you have not yet filed your 2019 return, the IRS will use information from your 2018 return.
Conclusion
The second batch of stimulus checks will be sent out beginning the week of March 22, according to the IRS. The agency said it will take about two weeks for all payments to be sent. So, if you’re expecting a check, it should arrive by early April.
