Here’s When Eligible Mainers Can Expect A Child Credit Payment
Shortly after the vast majority of the country got their last "stimulus" check from the federal government, we found out that many Americans would have even more money coming their way.
Many, but not all. So, who are these people that will be getting more federal money?
Parents, that's who. Families will be getting a series of checks sent (or deposited) over the course of six months. They'll also get an equal amount in tax credit when they file their taxes for this year.
How does the program work?
Basically, the additional money comes as part of a modified version of the child tax credit that parents have been receiving for years.
This credit will come in the form of six, monthly payments send out between July and December. Then, you'll get an equal amount when you file your 2021 tax return. So, if you got $500 a month for those six months, you'll also get $3,000 when you file your taxes.
How much will you get?
Not surprisingly, that depends on how much you make and how many kids you have. Also, the age of the children modify the amount each person will receive. There is a payment for each child (with no limits on the number of kids). The amount of that payment will be modified by the household income.
For example, a married couple who have a household income of $70,000, two kids who are under 6, and two kids who are between 7 and 17 will get $1,100 per month and $6,600 when they file their taxes.
Kiplinger has put together a cool, easy to use, calculator tool to help you figure out what you can expect to receive.
When will we get our first check?
The first check is expected to be sent, or deposited (for direct deposit people) on July 15th.