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.