If you’ve got kids, you’ve got some money coming! President Biden’s American Rescue Plan called for families to get bigger tax credits this year… and you don’t have to wait for next year’s tax return to get it.
The IRS announced this week that they are running on schedule to make the payments beginning July 15th through the end of the year. For every child under 6, you could be eligible for a total of $3600 over the 6 month period and $3000 for children 6-17.
And you don’t have to do anything to get it. The money will automatically get deposited to your bank account, based on your return for last year or 2019 if you still haven’t filed yet. (Your 2020 return was due on Monday 5/17.)
The actual amount you get is a sliding scale determined by your income. Click here to figure out how much you can expect to get.
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