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American Rescue Plan Act, Archives, Children, Earned Income Tax Credit, Expanded Child Tax Credit, Federal Government, Northern Ohioans for Budget Legislation Equality (NOBLE), Parenting, taxes

File your taxes now to claim your child and earned income tax credits

(Plain Press, March 2022)    The IRS is now accepting 2021 tax returns! Sign up for the Expanded Child Tax Credit (CTC) and Earned Income Tax Credit (EITC).

   There is roughly $193 billion waiting for families with children — all they need to do is file their taxes to claim it.

   The American Rescue Plan made significant changes to two critical tax relief programs: 1) Expanded the Child Tax Credit from $2,000 per child to $3,600 for children under 6 and $3,000 for children between 6 and 17.  2). Nearly tripled the Earned Income Tax Credit for workers without dependent children – from ~$540 to up to $1,500 for 17 million workers without dependent children and made previously ineligible younger workers (19-24) who are not half-time or full-time students, and older workers (65+) newly eligible for the expanded Earned Income Tax Credit.

   The above-mentioned CTC provision passed in 2021 as part of President Joe Biden’s $1.9 trillion COVID-19 relief package. It was based on 2019 and 2020 tax returns — intended to help struggling families during the pandemic.

   The Expanded Child Tax Credit essentially advanced some tax relief that would normally come the following year when parents file their taxes. Instead, most eligible families started receiving payments on a monthly basis starting in July 2021 — meaning that there are six months’ worth of payments waiting to be claimed by people filing their taxes.  

   While most families already received half of the credit as monthly payments last year, they’ll lose out on the remaining balance unless they file their taxes!

   Changes were also made to the EITC.  Many families who are eligible for the Child Tax Credit are also eligible for the Earned Income Tax Credit (EITC) and can get thousands of dollars in additional tax relief by filing their tax returns this year.  Additionally, the American Rescue Plan nearly tripled the EITC for workers without dependent children to $1,500 and made millions more Americans eligible.

   Families should go to childtaxcredit.gov for tax-filing assistance and to check their eligibility.

   ALSO, FREE TAX HELP IS AVAILABLE AT GETYOURREFUND.ORG/OHIO.

   The tax filing deadline is April 18.

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