Watch this video to learn about the basics of the child tax credit program and the benefits it has for you and your child. It provides more information on the age gap eligibility for the program and the qualifications you must meet to be approved. The credit has been a huge relief in helping taxpayers to support their families during the Covid-19 period.
The aim is to reduce the taxpayer’s burden.
The eligible candidates qualify for advanced monthly payments depending on the number of children they have and whether they have previously claimed a child tax credit. Parents do not have to owe taxes to acquire it because it is fully refundable. The tax payment comes up during the subsequent year, no matter how much you need the tax relief. For every child between the age of 6 to 17, you are eligible for $250 and $300 for every child below the age of six. The program ensures stability in the families and that the poverty and hardship burdens are reduced.