Parents – Idaho Kids Are Worth $3600 Here’s How You Cash In

Most of us have heard parents joke and or complain about how having children is not a good investment. Parents talk about all the sports cars they could have had or the big house on the hill they would live in if they never had kids. While there may be some truth to this, today those children are worth money every month. Now that I have your attention allow me to explain. Basically the child tax credit will be paid out on a monthly basis for the rest of 2021 beginning on June 15^th. Instead of parents receiving their $2000 tax credit per child in the spring they can now receive it monthly and the amount has gone up to $3600 per child. This money is considered an advance on the moneys parents would get when they filed their taxes in 2022.

According to ktvb this is who is eligible to receive the monthly payments:

“Married taxpayers who made less than $150,000 in 2020 and who filed jointly will receive the full amount, as will qualifying widows and widowers. The full amount will also go to heads of household who made up to $112,500 and individuals who made up to $75,000. The amount will be phased out after that.”

Keep in mind that the amount has increased up to $3,600 per child under age 6. For children ages 6-17, it's $3,000 or $250 per month. Children who turn 17 in 2021 also qualify.

If you don’t need the money and would rather wait till you file your taxes to get the original tax credit you may opt out of receiving the monthly payments on the IRS online portal.