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Saturday, November 23, 2024

Bamberg School District One:2021 Advance Child Tax Credit Overview

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Bamberg School District One issued the following announcement on September 13.

Attention Bamberg One & Two Families:

The American Rescue Plan Act Advance Child Tax Credit provisions provides eligible families with monthly payments of up to $3600 for children under six and up $3000 per child for children age 6-17. See Advance Child Tax Credit Payments in 2021 on IRS.gov for this tool, details on eligibility, timing of monthly payments, resources and more.

The new Child Tax Credit Eligibility Assistant allows families to answer a series of questions to quickly determine whether they qualify for the advance credit.

Here's what you'll need to use the tool:

Your 2020 tax return, or your 2019 tax return if you haven't filed for 2020.

If you don't have a copy of the return, to determine your potential credit, you need your filing status and the number of qualifying children you claimed. You can estimate your income with the following:

  • Income statements such as W-2s and 1099s
  • Amount of any expenses or adjustments to your income

    This tool requests no personal information and it is not a registration tool. It helps you determine whether your family should take the next step and either file an income tax return or register using the Non-filer Sign-up Tool.

     

    If you are not required to file taxes:

     

    The IRS Non-filer Sign-up Tool offers a free and easy way for eligible people who don't normally have to file taxes to provide the IRS the basic information needed to figure and issue advance Child Tax Credit payments.

    You can use this tool if you did not file a tax return for 2019 or 2020 and did not use the IRS Non-filers tool to register for Economic Impact Payments.

    The tool enables you to provide required information about yourself, your qualifying children, other dependents, and your bank information. With this information, the IRS can deposit payments directly into your account.

Original source can be found here.

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