Child Tax Credit releases first payments Thursday

Local News

CO – The 2021 Child Tax Credit payments will soon be distributed to nearly 39 million families according to the U.S. Treasury Department. President Biden says the purpose of readjusting the already-existent tax credit is to alleviate millions of children from poverty – especially coming out of a pandemic,

“The ongoing COVID-19 pandemic has affected millions of Americans, leaving many jobless while struggling to feed their families,” says KREX5’s Reilly Spence.

The maximum child tax credit has been raised to $3,600 for qualifying children under the age of 6, and to $3,000 for qualifying children between ages 6 and 17, which are released in monthly installments ranging from $250-$300.

Homeward Bound in Grand Junction says this could help put roofs over many families’ heads,

“Families that we serve that do not have housing currently; this will certainly go a long way in helping them build up some savings just to build some money and start to look for things,” says Homeward Bound’s Jesse Redmond.

Eligible families won’t have to do anything to receive their payment, the IRS will calculate whether or not your household qualifies with your 2019 and 2020 federal income tax returns.

U.S. Senator Michael Bennet says it will give Americans from all walks of life a second chance,

“We’ve had an economy that’s worked really well for the top ten percent of Americans, and not worked well for anybody else. This is a very modest way of trying to address that and give families a chance at the end of the month to be able to pay the rent or pay for additional groceries or pay for a little bit of childcare,” says Senator Michael Bennet.

The credit is available to those with an income of $75,000 or less for a single taxpayer, or $150,000 or less for married couples who file taxes jointly. If you qualify, you will receive the monthly payments through December.

Starting Thursday qualified households will receive their first round of monthly installments. You can expect direct deposits or paper checks. To check on eligibility you can check the IRS ‘Child Tax Credit Portal’ online.

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Don't Miss