Where is my child tax credit? All the answers you need pertaining to the child tax credit can be found here…
Today (July 15) is the first day that the government’s monthly child tax credit advances will start entering your accounts if you are eligible. By now, the federal government sent every eligible parent a letter stating their status. Did you get your letter?
Am I eligible for the child tax credit?
If you are unsure if you are eligible, here are the requirements:
Single tax filers whose modified adjusted gross income is less than $75,000 per year and couples filing jointly earning $150,000 or less per year can qualify for the child tax credit for each of their dependents. Taxpayers earning above those levels will gradually see their payments phase-out.
If you are still unsure, use this link to check your availability
How much money will I get?
Parents of children 5 and under can receive up to $300 a month per child. For parents of children ages 6 through 17, it’s up to $250 a month per child.
Where did the money come from?
President Biden signed a $1.9 trillion stimulus law in March, which included stimulus checks and expanded the federal child tax credit. The expansion of that credit allows millions of Americans to receive their child tax credit on July 15.
When will I receive my child tax credit?
The IRS says the monthly payments will be disbursed on these dates:
Please know there may be a delay in some payments.
How will I get my money?
The tax child tax credit will be paid via direct deposit or mail to all eligible parent(s).
If you wanted the tax credit in a lump sum at the end of the year, you needed to notify the government prior. Now that the window is closed, all eligible parent(s) will receive the monthly payment via check or direct mail.
When will the child tax credit payment end?
You will receive the payment every month, and it will end in December.
What if I didn’t file my taxes in 2019? Or What if the IRS is still processing my 2019 taxes?
Great news if you filed in 2018 and you have a child or children 17 or under, you will receive the child tax credit, even if you didn’t file your taxes or the government didn’t complete your 2019 taxes.
If you didn’t file taxes at all (2018, 2019), please submit this form to ensure you receive your child tax credit https://www.freefilefillableforms.com/#/fd/childtaxcredit
Now that you have extra cash, now what?
First, here is the truth you can do whatever you want with it. It’s so much FREEDOM in that truth. Allow yourself to enjoy that moment and relish in it.
HERE ARE SOME OPTIONS JUST IN CASE:
Save it, yes I know life is rough, and you are behind in some bills and may want to get ahead with some things you have put on hold, and we still say SAVE IT.
The truth is you did not have that extra income for the past year, and you survived. Even if life has been tough financially, you still survived without the child tax credit.
So, act like you didn’t get it and put it away in your SAVINGS.
Having SAVINGS is imperative for generational wealth because you won’t have to take from your investments to pay for emergencies when you have troubles.
You can build generational wealth when you allow money to for you instead of against you. Some portion of the child tax credit should be invested in your retirement account or a personal brokerage account.
If you are unsure what we are talking about, read this post to empower you to build generational wealth.
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#3 Pay Down Your Credit Card Debt
I know this may not be something you want to hear, but I have to say (remember, you do whatever you want). We must begin to minimize the money going out and the money not working and growing for us to build wealth.
One MAJOR way we can do that is by reducing and eliminating credit cards and other debt we may be carrying.
YEP, IT’S THAT SIMPLE.
NOW, LET THE OFFICIAL INVESTING PARTY BEGIN…
PARTY OVER HERE. PARTY OVER THERE.
PLEASE SHARE THIS POST IF YOU RECEIVED ANY VALUE FROM IT – IF NOT, COME BACK NEXT WEEK, WE WILL TRY TO DO BETTER…
We are not certified financial advisors. But, we are INVESTORS. Now, let the FINANCIAL PARTY continue…