US Reps. Tom Suozzi, D-Huntington and Kathleen Rice, D- Garden City, are reminding residents to file their 2020 tax by Monday to be able to claim the expanded Child Tax Credit.
The tax credit was expanded by passage of the American Rescue Plan, increasing the payouts to $3,600 for every child in a family under six years old, and $3,000 for children from six to 17. Older children age 18, and full-time college students aged 19 to 24, also qualify for up to $500.
The full payments are available for a single parent making up to $75,000 or joint filers making up to $150,000 per year. The credit phases out by $50 for every $1,000 of income over the $75,000 for individual filers and $150,000 for joint filers. The credit equals to $0 for single filers with income of $240,000 and married filers with $440,000.
“If you have children under 17, you may be eligible for thousands of dollars under the expanded Child Tax Credit,” Suozzi said. “Make sure you file your federal income taxes by this Monday, May 17th. The expanded Child Tax Credit is a major boost for New York families and families across America.”
“In my district, over 100,000 children stand to benefit from the expanded Child Tax Credit,” Rice said. “This is money directly in the pocket of families to put food on the table and pay the bills.”
The IRS reports it is on track to begin sending out the “advance payments” as soon as July and will continue to distribute them monthly through December of this year.
Data on how the expanded Child Tax Credit will help families in different Congressional Districts across Long Island are found below.
Federal data indicates that 56% of children in Suozzi’s district would benefit from monthly child tax credit checks, and 3,700 children will be lifted out of poverty.