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For families struggling to pay for raising children, the Child Tax Credit is a lifesaver for those with children under the age of 17. For qualifying households, it provides vital relief in the form of income- and age-appropriate financial help.
Photo from Google
2023 Child Tax Credit Overview
The Child Tax Credit will be $2,000 for children under six and $1,500 for those between six and sixteen in 2023. The entire credit is available to families with incomes up to $150,000 ($200,000 for married couples filing jointly). But it eventually disappears for higher-income households; it stops being provided for people whose income exceeds $400,000 ($500,000 for married couples).
Most receivers get the credit on a monthly basis, but some may have chosen to receive the credit in one lump sum while filing their taxes, giving them more flexibility in how much money they can get.
If you’re yet to receive your Child Tax Credit, several steps can help. Ensure thorough checks of bank accounts and mail deliveries, and utilize IRS resources like online status checks or the helpline (1-800-829-1040). If the delay persists beyond 21 days, consider filing a Form 1040X to claim the credit.
READ ALSO: Texas Teachers Set To Receive $2,400 Stipend: Retired Educators Qualify For One-Time Payment
Actions for Unreceived Child Tax Credit
It is essential to actively monitor any outstanding payments, especially for electronic filers using digital IRS services or for postal filers contacting the IRS to inquire about any modifications.
An updated tax return (Form 1040X) can be filed in order to correct the situation and guarantee that the correct Child Tax Credit is received in the event of extended delays. The IRS website offers detailed information and additional recommendations regarding the credit as well as the procedures involved in its resolution.
READ ALSO: Michigan Families To Receive $550 Tax Credit Checks In February Amid State Tax Benefit Expansion
