Your child tax credit payment just arrived. You might not want it, and here’s why.
WASHINGTON—Tens of millions of U.S. households can expect to see their bank balances grow Thursday, thanks to the first monthly payments of theThe Internal Revenue Service issued families payments of up to $300 per child under a program aimed at combating child poverty and turning lump-sum annual tax refunds into predictable household income. The Biden administration said it paid about $15 billion, mostly through direct deposits, to families with nearly 60 million children.
The expanded portion of the payments starts shrinking once income reaches $75,000 for an individual and $150,000 for a married couple. Households above those levels still get the $2,000 credit, which retains the prior income phaseouts starting at $200,000 for individuals and $400,000 for married couples.
The credit also is now fully refundable, which means low-income families qualify even if they don’t owe income taxes. Before this year, just $1,400 of the $2,000 was refundable.
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