Child tax credit funds to hit Central Coast parent’s bank accounts
Parents on the Central Coast could see money from the IRS hit their bank accounts as soon as Thursday, according to Congressman Jimmy Panetta who joined Santa Cruz County leaders in announcing the new, more robust, family tax credit.
“We used the tax code to get money to people who need it the most, to working parents,” Panetta said Monday at the Watsonville City Plaza. “We enhanced the tax credit, so you don’t have to wait until you file taxes… you’re going to get it every month.”
Families could see total credits as large as $3,600 to $3,000, which will be disbursed in monthly installments. Previously credits maxed out at $2,000.
Just how much Central Coast residents will receive depends on the age and number of children in a family. Parents can expect as much as $300 in funds per month for each child under 6, and $250 for children under 17. The payments will be recurring, at the 15th of each month.
“We know better than most on the Central Coast, that it’s those working parents that need it now,” Panetta said.
The federal funds are a part of President Joe Biden’s $1.9 trillion COVID-19 Stimulus Package, enacted in March.
Married couples with a maximum combined income of $150,000 and single parents who earn up to $112,500 are eligible for the family tax credit.
Those who filed taxes in 2019, or 2020, as well as those who registered with the IRS for a stimulus check, should be automatically eligible for the credit, according to Vice President Kamala Harris, who spoke on the tax cuts in a televised address in June.
Those who did not take the above steps still have options to get the funds.
First, confirm eligibility using this IRS tool: https://www.irs.gov/credits-deductions/advance-child-tax-credit-eligibility-assistant.
Then, use the tax credit sign up portal: https://www.irs.gov/credits-deductions/child-tax-credit-non-filer-sign-up-tool.
If you filed taxes, or got a stimulus check, the tax credit should show up in your bank account that’s on record with the IRS. Otherwise, the funds will come via mail in a paper check or prepaid debit card.