Child Tax Credits Beginning To Hit Maine Bank Accounts

According to a report by WGME, this expanded child tax credit is a temporary change that allows half of tax credit amount to come as advanced payments that will be disbursed monthly, which will still require you to claim the other half on your tax return.

For families that have children under the age of six years old, you can receive up to $300 for each child. For children ages 6 to 17 years of age the credit is up to $250 for each child.

The thought is that by spreading out the payments it will allow families that are struggling to have a more steady stream of money to help keep up with bills rather than just one lump sum at the beginning of the year.

If you have already files taxes for either 2019 or 2020 you should receive these payments which have already started hitting bank accounts without doing anything further. If you recently have a new child or children, or have earned less than $24,800 as a couple then you will need to sign up to receive the payments by going to the IRS, or by CLICKING HERE.

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Source: Child Tax Credits Beginning To Hit Maine Bank Accounts

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