PARENTS who don’t qualify for the child tax credit could still be eligible to receive a one-time $500 payment.
While the child tax credit only applies to parents with children under 17, families who have college-age kids living under their roof could qualify to receive government aid.
The one-time $500 payment is available to families with children aged between 18 and 24 years old, and can be taken as a tax refund next spring, as reported by Yahoo Finance.
To qualify for this payment, a child has to be more than 18 years old and claimed as a dependent.
Children aged 19 to 24, on their part, must be attending college full time to qualify.
They must also have a Social Security number.
Additionally, the same income limits that apply to the child tax credit apply to this one-time $500 payment.
Single tax filers making more than $75,000 a year, and couples who file jointly and make more than $150,000 a year, do not qualify.
Read our Child tax credit live blog for the very latest news and updates…
Head of households must make less than $112,500 a year to be eligible.
Families who didn’t make enough income in 2020 to file taxes can use the IRS’ non-filer sign-up tool, as that is how the IRS identifies those who qualify for aid.
The child tax credits are worth $3,600 per child under the age of six in 2021, $3,000 for kids aged six to 17, and $500 for college students.
However, the credits for kids aged up to 17 are automatically issued as monthly installments between July and December.
The remaining half is then given out once the IRS has processed your 2021 tax refund in 2022.
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