Child Tax Credit Approved: Idahoans Choose Monthly or Annual Credits
The pandemic is something that will tragically go down in history. We will discuss how businesses closed down, the streets were empty and everyone worked from homes. The mask will be the symbol for the last year.
We also saw several rounds of stimulus checks that came in the form of cards or directly into our bank accounts. That came in handy for so many of us in keeping food on the table and the lights on. There is more financial relief on the way and you have until July to opt-in.
The Child Tax Credit Is Announced
More stimulus checks are coming to assist Idahoans as families still struggle from the aftermath of COVID-19. This is a monthly credit, unlike your one-and-done stimulus relief. The money is tax-free, but it almost feels like lottery winning rules. You will get a deadline and letter in the mail. Don't throw this out because it's not advertising. The government needs to know how you want your Child's Tax Credit.
How Much Will You Receive?
This is similar to the credits we saw earlier this year with the same stipulations.
- $75,000 or less if you're single
- $112,500 or less for heads of households
- $150,000 or less for married couples filing joint returns
- $300 per child under age 6 or $3,600 at tax time
- $250 for children 6-17 or $3,000 at tax time
Make sure you pay close attention to your mail so it's not missed. I have a feeling it's going to be a lot harder getting it set up if missed. Travis Pittman from KTVB did a great breakdown of full details regarding the Child Tax Credit. Nice surprise if you didn't know it was coming.