IRS begins direct deposits for new advance child tax credit

A new round of financial help from Washington arrived Thursday for thousands of Connecticut families due to the new advance child tax credit.

News 12 Staff

Jul 15, 2021, 11:58 PM

Updated 1,048 days ago

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A new round of financial help from Washington arrived Thursday for thousands of Connecticut families due to the new advance child tax credit.
It's the first of six monthly installments running through Dec. 15.
Parents may receive 50% of the credit and the other half when they file their taxes in April. For each child under 6 years old, you can receive up to $1,800 in advance.
For childen between 6 and 17 years old, you can receive up to $1,500.
The IRS will automatically opt those who qualify in for the advance, but you can opt out, and receive the money at the next tax filing.
Tax attorney Ben Maini says one reason to opt out would be if you anticipate your income being above the limit of $75,000 for single filers or $150,000 for joint filers.
He adds you should speak to a tax adviser to see what makes sense for you and your family before you consider opting out on the advance.


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