DAYTON, Ohio (WDTN) — Beginning Thursday, the first payments from the new expanded child tax credit will be sent to about 39 million families.
Lawmakers said the program will benefit 92% of Ohio’s children. Eligible parents will begin receiving tax credit payments with half of the allotted money to be distributed by the end of the year.
“We know what expenses are doing as far as clothing, food, gas prices, and all of those things so for a lot of those families these payments are going to have a pretty large impact,” said Luke Bertke, a financial advisor for Eikenberry Retirement Planning.
Payments will range from $250 to $300 per child – every month through December 15. If you receive those advance payments, you’ll receive the second half of the of your child tax credit next year.
For children 6 and under, $3,600 or $300 per month is available; for children between 6 and 17, $3000- or $250 per month is available. The full credit is available to married couples with children who file taxes together and make less than $150,000, or single parents who make $75,000 or less.
The only thing you need to do to get the money is file your taxes. Those who did not file taxes opt-in via the non-filer sign-up tool on the IRS website the same way they would for the stimulus payments.
Families who prefer to get a lump sum as a tax refund may choose to opt-out. Those who do won’t get the monthly amounts, but will still receive the full credit they are eligible for when they file their 2021 taxes.
It’s too late to opt-out for the first payment. The last day to opt-out of the next payment, due in August, is Aug. 2.