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New $3,000 child tax credit to start payments in July, IRS says

ISaySeaux

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There’s good news for American families.

The IRS plans to begin sending monthly payments from the new $3,000 child tax credit in July, Commissioner Charles Rettig said Tuesday during a hearing with the Senate Finance Committee.

The new and significantly expanded child tax credit was included in the $1.9 trillion American Rescue Plan signed into law by President Joe Biden in March. Under the law, families will receive a $3,000 annual benefit per child ages 6 to 17 and $3,600 per child under the age of 6 for the 2021 tax year.

Just a few weeks ago, Rettig testified that the IRS wasn’t sure it would be able to begin sending payments to families in July and that the checks might not be on a monthly basis at first.

He said that the agency was overwhelmed with the extended tax filing season, which was moved to May 17 from April 15 for individuals, and thus had less time and resources to devote to implementing and launching a portal for the child tax credit.

But on Tuesday, when Sen. Sherrod Brown, a Democrat from Ohio and ranking member of the Senate Banking Committee, asked Rettig if the IRS would be ready to start monthly child tax credit payments in July, he had a simple answer.

“We are,” Rettig said. “If we end up not being on track for some unforeseen situation we will advise you and the committee.”

$300 per month for children under six​

The full credit is available to individuals who have children and adjusted gross income of less than $75,000, or $150,000 for a married couple filing jointly. The extra benefit will phase out for taxpayers who make more money, and cease for individuals earning $95,000 and married couples earning $170,000 filing jointly.

Taxpayers that make more than that will still be eligible for the regular child tax credit, which is $2,000 per child under age 17 for families making less than $200,000 annually, or $400,000 for married couples.


“It’s trying to put the largest benefit in the pockets of the lowest income families,” said Elaine Maag, principal research associate at the Urban-Brookings Tax Policy Center, of the credit.

The expanded credit is scheduled to be disbursed to families on a monthly basis beginning in July and will continue through December 2021. The monthly amounts generally will be $250 for older children and $300 for children under the age of six. Families will claim the remaining half of the credit when they file their 2021 income tax return in 2022.

There is no limit on the number of children in a family that can receive the credit, as long as they meet the eligibility requirements around age and income.

To receive the credit, families with children must file a 2020 tax return, according to Rettig. If a family doesn’t file a 2020 return, the agency will not have the information it needs to deliver the credit.


“The safe path is to get a tax return in now,” said Maag.

It isn’t surprising that the IRS has been working hard to deliver this benefit on time, but the true test will be in July, she said.

“Hopefully he’s right that they believe they can deliver a correct credit starting in July, but if not they’ll do the best they can and maybe deliver it a little bit later,” she said.



 

ISaySeaux

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So fµck childfree people?

Basically. I'm in the same boat as you.

This isn't a penalty against childfree people. It's aid to taxpayers who have other mouths to feed, clothes to buy, childcare expenses, etc. for individuals who are not contributing financially to the household. If you don't have children, you aren't paying those expenses for others, no?
 

BritDolly

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This is brilliant for families, what childfree people need to understand is these children will be future tax payers and contributing to the economy. What's wrong with helping them have a bit of income bot to starve until they reach adulthood?
 

BoredHeaux

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This isn't a penalty against childfree people. It's aid to taxpayers who have other mouths to feed, clothes to buy, childcare expenses, etc. for individuals who are not contributing financially to the household. If you don't have children, you don't have those expenses, right?
So child-free people aren't struggling and need extra money as well? Great the families get help, but what about everyone else?
 

ThatChic704

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This isn't a penalty against childfree people. It's aid to taxpayers who have other mouths to feed, clothes to buy, childcare expenses, etc. for individuals who are not contributing financially to the household. If you don't have children, you aren't paying those expenses for others, no?
I'm sure some of these families already receive some type of government assistance for housing, food and child care expenses.
 

Hunter Litsey

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I'm sure some of these families already receive some type of government assistance for housing, food and child care expenses.

Exactly and the money isnt coming from the air, us single folks putting into this
Im taxed 800-1000 some bi weekly
Its bµllsh!t
And didn't get any stimulus checks

Okay, so go have a few kids and make less money so that you can get these few additional crumbs thrown out by the government. Mad at the wrong people and sounding stupid as fµck.

Y’all love to come on this website and cap like you really got it like that, meanwhile, people making the type of money y’all pretend to make aren’t the least bit concerned about this little bit of government cheese.
 

SmokingHot

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It's the principle of the matter for me. I work hard and pay 1000s of dollars/month in taxes. Yes, several thousand each month. I'm really bothered by the idea that my money is possibly going toward people who don't know how to use condoms when they know they can't afford their own children. And I'm a single person.

Again, there is greater financial benefit to being xesually irresponsible and/or married. It's not fair.

Someone please correct me if I'm wrong about who will ultimately be paying for these kids.

Edit because this comment clearly triggered some of you: I'm referring to the subset of people who have kids knowing they can't take care of them.
 
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Rumplestiltskin

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It's the principle of the matter for me. I work hard and pay 1000s of dollars/month in taxes. Yes, several thousand each month. I'm really bothered by the idea that my money is possibly going toward people who don't know how to use condoms when they know they can't afford their own children. And I'm a single person.

Again there is greater financial benefit to being xesually irresponsible and/or married.

Someone please correct me if I'm wrong about who will ultimately being paying for these kids.

No child should grow up in abject poverty without enough food to eat or shoes that fit or heat in the winter. These kids are already here. This is exactly the kind of situation the social safety net is supposed to address. However, individuals making 200k a year do not need or deserve kid credits. If someone is making that much money a year and is still coming up short on lunch money for their kid, that's a them problem.
 

Hunter Litsey

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It's the principle of the matter for me. I work hard and pay 1000s of dollars/month in taxes. Yes, several thousand each month. I'm really bothered by the idea that my money is possibly going toward people who don't know how to use condoms when they know they can't afford their own children. And I'm a single person.

Again, there is greater financial benefit to being xesually irresponsible and/or married. It's not fair.

Someone please correct me if I'm wrong about who will ultimately be paying for these kids.

Less that 8% of federal taxes go towards safety net programs. Majority of it goes towards social security and defense funds. Ultimately, even if you are paying “thousands of dollars per month in taxes” less than 10 cents per day goes towards safety nets. Corporations receive far more welfare from government than citizens do. Y’all really false flagging and worried about the wrong thing.

Once again the cap on this website is ridiculous. People who truly pay out a lot in taxes and are fiscally aware know where their tax money goes and they aren’t worried about people getting food stamps.
 

queenofswords

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Exactly and the money isnt coming from the air, us single folks putting into this
Im taxed 800-1000 some bi weekly
Its bµllsh!t
And didn't get any stimulus checks
If you’re getting any kind of tax refund, you need to adjust your taxes. You don’t have to have the maximum amount taken out,
 

lanoire

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Okay, so go have a few kids and make less money so that you can get these few additional crumbs thrown out by the government. Mad at the wrong people and sounding stupid as fµck.

Y’all love to come on this website and cap like you really got it like that, meanwhile, people making the type of money y’all pretend to make aren’t the least bit concerned about this little bit of government cheese.
Exactly. Are they going to start protesting all programs with federal guidelines that recognize that children reduces income in comparison to a single person???
 

Issawifenow

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Okay, so go have a few kids and make less money so that you can get these few additional crumbs thrown out by the government. Mad at the wrong people and sounding stupid as fµck.

Y’all love to come on this website and cap like you really got it like that, meanwhile, people making the type of money y’all pretend to make aren’t the least bit concerned about this little bit of government cheese.
I work very hard for my money I put in hours overtime so yes I do take it personal at times.
 

SmokingHot

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Less that 8% of federal taxes go towards safety net programs. Majority of it goes towards social security and defense funds. Ultimately, even if you are paying “thousands of dollars per month in taxes” less than 10 cents per day goes towards safety nets. Corporations receive far more welfare from government than citizens do. Y’all really false flagging and worried about the wrong thing.

Once again the cap on this website is ridiculous. People who truly pay out a lot in taxes and are fiscally aware know where their tax money goes and they aren’t worried about people getting food stamps.
Absolutely no capping here. Get a job in Silicon Valley busting your ass at a tech company then get back to me when you see half your paycheck gone every 2 weeks.
 

Issawifenow

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Absolutely no capping here. Get a job in Silicon Valley busting your ass at a tech company then get back to me when you see half your paycheck gone every 2 weeks.
Lol they want to believe we are broke like we are the only ones to ever complain about taxes
The rich are literally making laws to be exempt from taces so only the middle man pays. The middle man gets fµcked no matter what
 

queenofswords

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Really? I claim 0 should i change that?
Yes, you don’t have to claim 0 exemptions as that is allowing them to take most out of your paycheck.

Claiming 1 on Your Taxes​

If you prefer to receive your money with every paycheck rather than waiting until a certain time every year, claiming 1 on your taxes could be your best option. Claiming 1 reduces the amount of taxes that are withheld, which means you will get more money each paycheck instead of waiting until your tax refund. You could also still get a small refund while having a larger paycheck if you claim 1. It just depends on your situation.

If are single, have one job, and no dependents, claiming 1 may be a good option. If you are single, have no dependents, and have 2 jobs, you could even claim both jobs on one W-4, and 0 on the other.

Claiming 0 on Your Taxes​

When you claim 0 on your taxes, you are having the largest amount withheld from your paycheck for federal taxes. If your goal is to receive a larger tax refund, then it will be your best option to claim 0.
 

Hunter Litsey

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Absolutely no capping here. Get a job in Silicon Valley busting your ass at a tech company then get back to me when you see half your paycheck gone every 2 weeks.

Have that conversation with your employer and ask them why as a corporation they aren’t paying their fair share. Also, to have 1/2 your paycheck taken in taxes you would literally have to be making $400,000 per year. Once again, the cap on this app.
 

Hunter Litsey

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Lol they want to believe we are broke like we are the only ones to ever complain about taxes
The rich are literally making laws to be exempt from taces so only the middle man pays. The middle man gets fµcked no matter what

Y’all in here crying about a one time tax credit and not getting a stimulus. Sounding real broke ish to me.
 

Issawifenow

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Claiming that you pay thousands in taxes a month but your accountant/CPA has never explained the basic concept of tax allowances to you? You have to get that knowledge from LSA? Y’all be flaggin like hell.
Im an immigrant nurse working alot to make 6 figures. I dont know anyone with an accountant. Lol you think all late 20s have accountants?? Lol why you taking my statements personal?
 

SmokingHot

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Have that conversation with your employer and ask them why as a corporation they aren’t paying their fair share. Also, to have 1/2 your paycheck taken in taxes you would literally have to be making $400,000 per year. Once again, the cap on this app.
Girl worry about your own paycheck and stop calling people liars for expressing their real concerns. Nevermind the fact you didn't even take state tax into consideration. You'd be surprised who is on this website. Not all black women are destitute with 6 children on welfare, believe it or not.
 

gama

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This is brilliant for families, what childfree people need to understand is these children will be future tax payers and contributing to the economy. What's wrong with helping them have a bit of income bot to starve until they reach adulthood?
I see what you are saying but that is a very broad assumption.

Some of these kids will be a major drain on society, become dependent on welfare. Others grow up in unstable situations, barely get a high school diploma and some end up in jail making profits for "those" corporations.
 

Hunter Litsey

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Also I love the fact that everyone glossed over the fact that anyone with children making less that 75k a year gets this. That is the majority of people, yet y’all are in here projecting about people not having jobs and taking care of their kids. Pathetic and transparent. If y’all need some government handouts then just say that and go. No need to cap about “tAxES”
 

Hunter Litsey

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Girl worry about your own paycheck and stop calling people liars for expressing their real concerns. Nevermind the fact you didn't even take state tax into consideration. You'd be surprised who is on this website. Not all black women are destitute with 6 children on welfare, believe it or not.

I did take it into consideration and like I said, 400k in California is where you would be paying half your check in taxes and that’s assuming you aren’t making any contributions to savings accounts, etc. Cap on this app.

 

Issawifenow

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Yes, you don’t have to claim 0 exemptions as that is allowing them to take most out of your paycheck.

Claiming 1 on Your Taxes​

If you prefer to receive your money with every paycheck rather than waiting until a certain time every year, claiming 1 on your taxes could be your best option. Claiming 1 reduces the amount of taxes that are withheld, which means you will get more money each paycheck instead of waiting until your tax refund. You could also still get a small refund while having a larger paycheck if you claim 1. It just depends on your situation.

If are single, have one job, and no dependents, claiming 1 may be a good option. If you are single, have no dependents, and have 2 jobs, you could even claim both jobs on one W-4, and 0 on the other.

Claiming 0 on Your Taxes​

When you claim 0 on your taxes, you are having the largest amount withheld from your paycheck for federal taxes. If your goal is to receive a larger tax refund, then it will be your best option to claim 0.
Thank you for breaking this down. I have 2 jobs and the most i ever got in a refund was 800 so im going to change some stiff today. Ive decided i need help filing my taxes this year cuz its crazy.
 

Hunter Litsey

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Im an immigrant nurse working alot to make 6 figures. I dont know anyone with an accountant. Lol you think all late 20s have accountants?? Lol why you taking my statements personal?

So you file your own taxes but don’t understand tax allowances? Sounds illiterate to me. You care so much about saving on taxes but never learned to properly file? You care about saving but never hired a professional to make sure you are optimizing your return?

LOL I’m done with y’all delusional fonts
 

SmokingHot

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I did take it into consideration and like I said, 400k in California is where you would be paying half your check in taxes and that’s assuming you aren’t making any contributions to savings accounts, etc. Cap on this app.

Your comment doesn't change the fact that I pay 1000s in taxes/month as per my original comment that you've quoted. I'm not seeing the point of your responses here. Like I'll still be paying 1000s in taxes whether or not some random person on lipstick alley dot com is telling me I'm lying about my income lol.
 

Hunter Litsey

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Exactly. Are they going to start protesting all programs with federal guidelines that recognize that children reduces income in comparison to a single person???

Just a thread full of people pretending to be something they aren’t. This thinly veiled display of faux concern over taxes is really them upset that the government handout isn’t going to them this time.

All these corporations that received BILLIONS in free money via PPP and they’re worried about some damn food stamps.
 

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