How to register for the enhanced child tax credit
The American Rescue Plan increased the maximum amount receivable via the Child Tax Credit
FOX Business' Larry Kudlow discusses the impact of President Biden expanding child tax credit payments on the U.S.
The U.S. Treasury Department and the IRS on Monday announced a new online tool to help taxpayers apply for the Child Tax Credit.
The non-filer sign up tool, designed for families that aren’t typically required to file income tax returns, is part of a broader effort to ensure that more people receive the cash if they qualify for it.
"At Treasury, our goal is to make sure that every American can get the relief funding they need as simply as possible," Treasury Secretary Janet Yellen said in a statement. "We know working families can’t put off paying for doctor’s visits or grocery bills, and this new tool will help more people get their tax credit every month, starting in July."
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People who did not file a 2019 or 2020 income tax return and did not use the IRS’ non-filer tool to obtain an economic impact payment can use the software to easily provide the tax agency with information about their qualifying children, aged 17 and under. Users will have the option of providing their direct deposit information in order to obtain their money quicker than traditional mailing options.
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The American Rescue Plan increased the maximum amount receivable via the Child Tax Credit to $3,600 per child under the age of 6 and $3,000 per child aged 6 through 17, which is equal to $300 and $250 per child per month, respectively.
The Treasury Department noted that the payments can be expected to be issued around the 15th of each month, starting on July 15.
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Most families will not need to take any action in order to begin receiving their payments.
Over the coming months, the Treasury and IRS said they will be rolling out several other tools to make sure that families receive the help they are entitled to, including an interactive Child Tax Credit eligibility assistant.