From Congressman Bennie Thompson:
CONGRESSMAN BENNIE THOMPSON URGES HARDWORKING FAMILIES TO FILE TAXES BEFORE MAY 17 TO GET THEIR ADVANCE CHILD TAX CREDIT PAYMENTS AS SOON AS POSSIBLE
50,000 Households in MS 2nd District Could Get Up to $300 Per Child Every Month Beginning this Summer as Part of the American Rescue Plan Congressman Bennie Thompson Helped Pass,
As part of the American Rescue Plan Congressman Thompson helped pass, families could get monthly payments of up to $300 per child beginning as soon as July. Congressman Thompson says the best way to ensure eligible families receive their payments is to file a 2020 tax return – even if they don’t have earnings to report or don’t normally file – because the Internal Revenue Service (IRS) needs information from tax returns in order to calculate and issue advance monthly payments.
· 168,400 children in Mississippi Second Congressional District could benefit from the advance monthly payments. That’s 94.7% of all children in the 2nd Congressional District.
· 50,000 households in the 2nd CD could get an average total benefit of $3,500.
“Advance monthly payments of the Child Tax Credit will help set America’s children up for success and put more money in the pockets of hardworking parents sooner, to pay for childcare or put gas in the car so they can go to work and help fuel our economy while building better lives for their families,” said Congressman Thompson. “The best way to make sure you and your family get the correct amount as soon as possible is to file a 2020 tax return, before May 17th – even if you don’t normally file.”
How Much are the Child Tax Credit Advance Monthly Payments?
The American Rescue Plan expanded the Child Tax Credit to up to $3,600 per child for children ages 0 to 5 and $3,000 per child for children ages 6 to 17.
The American Rescue Plan also authorized advance monthly payments of the Child Tax Credit through December 2021. Beginning as soon as July and running through December, qualifying families can get up to:
· $300 a month per child for children ages 0 to 5.
· $250 a month per child for children ages 6 to 17.
Families will get their remaining expanded Child Tax Credit when they file their 2021 tax return.
Who Qualifies for the Child Tax Credit Advance Monthly Payments?
· Families will qualify for a full credit if their income is below $75,000 for single filers, $112,000 for people filing as head of household, or $150,000 for people who are married and filing jointly.
· Have a Social Security number,
· Live with you for at least half of the year,
· Be under age 18 as of December 31, 2021, and
· Be claimed on your tax return.
How Can Families Get Help Preparing and Filing their Taxes for Free?
Free tax preparation services are generally available until the tax filing deadline. Families should file their taxes before the May 17th deadline even if they do not have earnings to report or do not normally file, because the IRS needs information from tax returns in order to calculate and issue advance monthly payments.
· Families can file taxes for free online through the IRS Free File program at https://apps.irs.gov/app/freeFile/.
· Families where the parent or caregiver is aged 50 or older can use this AARP tool to find free tax help near them at https://secure.aarp.org/applications/VMISLocator/searchTaxAideLocations.action.
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