According to NBC4i, It’s a strain, but the head of the IRS said Tuesday he expects to meet the July 1 deadline in the new pandemic relief law for starting a groundbreaking tax program aimed at reducing child poverty. That means new advance monthly payments of as much as $300 per child could begin flowing to lower-income families this summer.
Individuals who make less than $75,000 or married couples who make less than $150,000 and file jointly will be eligible for the full tax credit per qualifying child.
Similar to the stimulus checks, the credit will phase out for people who make more than that, with individuals who earn $95,000 and married, joint-filers who make $170,000 not eligible for the financial boost.
If a family doesn’t qualify for the expanded child tax credit, they can still receive the $2,000 credit if the income level is below $200,000 for individuals and $400,000 for married couples.
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