Parents to expect advance tax credit checks in bank accounts this Thursday
COLUMBIA, S.C. (WIS) - The advance child tax credit checks are rolling out this week.
Beginning July 15, people with children, who qualify, will receive a check for at least $250 per child.
Ron Rollison has three children under 17 and will be getting $900 a month for six months.
“I think it’s an aggressive measure to get the economy back where it needs to be,” he said.
Here’s how it works.
The maximum tax credit per child is $3,600 for children under 6, and $3,000 for those ages 6 to 17.
Half of that sum is going to be sent to families in advance, via six monthly installments.
That is $300 a month for children under 6, and $250 for those between 6 and 17.
“It’s a brand new concept,” Larry Slaughter, with Liberty Tax, said. “Getting money into the hands of tax payers in advance of their tax return.”
It’s a new concept that Slaughter says brings a lot of questions with it.
“For example, they want to make sure it’s going to the right account,” he explained. “And if they’ve had a baby or if their most recent return hasn’t been processed by the IRS yet.”
The short answer is that there’s a way to edit all of that on the IRS website. People can opt out of the program there, too. Click or tap here for more information.
Rollison and his wife discussed it and decided they could use the money now.
“We need the money,” he said. “I will take the handout and put it back into the economy. I’ll go to a restaurant, and buy a new car. I’m going to use the money and I’m thankful for it.”
For those who didn’t file their most recent taxes, the IRS will use the information from the last year they filed.
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