NJ.com- Stimulus update: Here’s who will get $3,600 in payments starting soon
Most families who have filed a tax return in 2019 and 2020 or signed up to receive a stimulus check do not need to do anything and will receive their benefits automatically.
The IRS will be sending the first installment in a series of advance payments between $250 and $300 per month per eligible family starting on July 15. Around 36 million eligible American families this summer will receive financial relief from the federal government as part of the 2021 Child Tax Credit. President Joe Biden signed the enhanced Child Tax Credit into law as part of the American Rescue Plan. Eligible families under the enhanced Child Tax Credit are expected to receive up to $1,800 in payments by the end of December. The Biden administration’s effort expanded the child tax credit from a $2,000 benefit per year, taken when taxes are filed, to an up-to-$3,600-benefit per child.
The enhanced Child Tax Credit also gave eligible families an option to receive monthly advance cash payments from July to December 2021 and allowed the rest of the money to be claimed on a 2021 tax return.
Who is eligible for the 2021 Child Tax Credit?
These people can take advantage of the maximum child tax credit, according to the White House:
An eligible family making up to $150,000 filing as a couple
A parent filing as head of household making up to $112,500
A single parent filing alone making up to $75,000
Those who can take advantage of the maximum amount of the child tax credit will receive up to $300 per child under 6 years old and up to $250 per child between the ages of 6 and 17 in monthly installments through the end of 2021.
This group of people will also be able to take advantage of the other half of the money when they file their 2021 tax return. In total, these families are eligible to receive up to $3,000 per year for children between 6 and 17 years old, and up to $3,600 per year for children under the age of 6.
To qualify, the child needs a Social Security number and must have lived with the taxpayer for at least six months during the year.
Parents with dependents between the ages of 18 and 24 years old can also claim child tax credit money, but they will have to wait until they file their taxes in 2022 to receive the money.
How do you claim the child tax credit?
If an eligible family making up to $150,000 if filing as a couple or a single parent filing as head of household making up to $112,500 has children, these families will be eligible to take advantage of the child tax credit, according to the White House.
Most families who have filed a tax return in 2019 and 2020 or signed up to receive a stimulus check do not need to do anything and will receive their benefits automatically.
For those families that do not fall under either of those categories, the IRS has a “nonfilers tool” where a person is asked some basic personal information to determine eligibility. After a person signs up using the tool, there is no further action required to receive the benefits.
What if I make more than the income thresholds?
Families will still able to receive some money if they make above the income thresholds for the enhanced Child Tax Credit.
But there is a limit. For every $1,000 a family makes over an income threshold, they receive $50 less in payments.
See full story on NJ.com
A link to the Nine Days Special Feature Shiur on the topic of "Churban and Geula - The Light at the End of the Tunnel" by Horav Michoel Sorotzkin shlita
ReplyDeleteA MUST SEE
https://www.youtube.com/watch?v=QVfydQ5QvQc
while I understand some people need money, this is yet another slap in the face for the people who work hard and earn some money. While $175,000 sounds like a lot to earn, for a family in Lakewood that amount of earnings dries out pretty fast. At that level of earning, you have to pay full tuition, pay your own insurance and co-pays, pay for your own tutors and therapists... while those sitting back are getting spoon fed check after check...
ReplyDeleteI'm in the same boat as you, but I realize everything comes from hashem, no matter what you get or dont get.
DeleteAs someone who has been receiving all these benefits. I couldn't agree with you more...
DeleteDon't be jealous! It's a lifestyle choice to be melatonin the world through Torah learning. Benin Torah need money. Adjust your income accordingly if you do too.
DeleteThese comments make me sad. We have been conditioned that anything that is given to someone else, is taken away from us.
DeleteHow are those who make $175,000 per year suffering from these payments? What loss do they have? How are people such umfarginners, that when they see someone else receiving money, they are bothered?
And please don't whine about taxes - the government taxes as much as they can and give out as much as they feel they need to, there is no clear connection between the two.
My brother once spoke to a Rav about government assistance and the Rav said that all money that a person will receive is ordained on Rosh Hashana. A man can earn it alone or he can get some through other ways including through government assistance. People should be honest in business and Hashem has many ways of sending assistance. Some learn Torah and need assistance while others are financially lazy and Hashem has Rachmanus and sends money through other means. One will never suffer if he is honest in business. If you are not eligible, daven for more parnassah and it will come via a raise or reduction in usual expenses. Those learning Torah need money too. Consider your share in taxes toward this government contribution of your fellow Torah learning Jews like a Yissocher and Zevulan relationship.
DeleteTo reply to the loss, no there is no loss to someone making$175k other than the fact that the people receiving free subsidies are using that money for extras which I can't afford. 175k may sound like alot but for a frum family of 6 it's not.
DeleteMaybe you dont understand, but people work hard for their money and a lot goes to taxes. Its just hard to watch people getting so much money for free.
DeleteAnon 5:10am - so what? Why does it hurt you to see people having something that you don't have? Even if they take that money and buy luxuries with it, your life is still no worse. You are calling it a loss, but it is not really a loss, it is just someone else's gain. And someone else's gain is not your loss. Things don't work like that.
DeleteAnon 6:12am Why is it hard seeing people get money for free? What does it take away from you? How is your life any worse by someone else getting the money for free?
That middah that you describe, is known in Yiddish as umfarginnen. The inability to see someone else happier than you. Of course, you don't know if they are happier than you, but the small chance that they are, is sufficient to cause your suffering.
RELAX - HASHEM IS IN CHARGE OF EVERY PENNY YOU DO OR DONT GET
ReplyDeleteThere is no connection between our taxes and government handouts that you benefit from? Are you that naive? Secondly these handouts have hurt everyone including you by causing inflation which is driving prices up on everything. Third is put aside how these handouts affect us and think of when they come to us raising money for you and rebbeim who I fargin all the money in the world but the reality is many of you are doing better than the average middle class worker making a whopping 150-200k.
ReplyDeleteOk, so we are doing better than you. So what? You say you fargin, and proceed immediately not to fargin.
DeleteBe happy for others, be pleased that your neighbors have more money in their pockets. And remember that most of that money is spent here in town, stimulating business for everyone.
The price increases are more a product of the lockdown, when the bottlenecks have finally reached the consumer. And they are temporary, the prices will revert back to the way they were.
When my kids ask for things that are an excess (like a segway) and I say we cant afford it....they reply "but all the rebbeims kids have them"
DeleteI fargin it all but you can’t go and cry poverty after that and come collecting by us for you to make chasuna, life insurance etc. When someone decided to cry poverty for rebbeim a few years ago that led to some schools raising their rebbeim’s salaries and guess what to cover that raise who do you think pays for that? Us rich middle class people have our tuition raised so yes it affects us a lot. One last point you may not realize you are living on alot more than your kollel check/Rebbi salary and your wife’s salary when you actually realize the value of support, programs etc.
ReplyDeleteAre you claiming that people are collecting money for people who are not poor? That is always possible, but we generally think that doesn't happen. If you don't trust that people are honest, don't give tzedaka. Nobody forces you to give to causes that you don't believe in. Nobody is force to give tzedaka nowadays.
DeleteBut I still don't see how your tuition raise is affected by this extra money. Does your tuition go up if Rebbeim receive money from the government? What is the mechanism? How does that logic work?
I see lots of umfarginnen and little sechel. People need to work on their midos and stop looking into other people's plates
Little seichel? Why? The truth hurts so you resort to personal attacks? Just like the WG mob.
ReplyDeleteI don’t think anyone implied that you getting these handouts affects his tuition. The little seichel may be on the other side of this.
ReplyDeleteOf course our handouts cause taxes to be raised for the "rich" middle class. How do you think the government plans to pay for all this? Government money-printing also causes the value of a dollar to decrease, meaning that your $175k income will now buy you less.
ReplyDelete