The Internal Revenue Service (IRS) announced that American families can claim $2,000 if they qualify for some financial help.
$2,000 Check For American Families
Millions of the American families still rely on the financial assistance from the different program of federal and state officials. One of the most sought assistance is the $3,600 Child Tax Credit under the American Rescue Plan Act during the wake of the pandemic.
However, it is still not clear if the $3,600 Child Tax Credit will be expanded and extended. Despite this, the Internal Revenue Service announced that they can still claim an amount of $2,000 for extra financial help, according to a report published in NASDAQ.
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Why They Will Receive $2,000?
The IRS announced that many people would get less money this year as a result of the COVID-19-related tax code modifications expiring in a December press release meant to assist consumers get ready for tax season. One of the most significant changes the IRS highlighted was the termination of the increased Child Tax Credit. Parents were eligible for between $3,000 and $3,600 per qualified kid under this enhanced credit.
The loss of this benefit is a major blow considering how many American parents are struggling because of the consequences of inflation. The IRS has said that many parents would still be eligible for payments of up to $2,000 for the 2022 tax year.
Families have the choice to make these $2,000 payments because the Child Tax Credit was in place before to the COVID-19 relief legislation. When filing their tax returns, eligible parents might receive a credit of up to $2,000, of which $1,400 is refundable.
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