LIVE: Child Care Tax Credits Arriving
Taking a little pressure off a taxing issue for parents.
Time to start checking your mailboxes, moms and dads:
Your new child care tax credits should start rolling in this week.
Local tax specialists say they’ve gotten a lot of questions from parents about how the new credit works.
The Biden administration is raising the credit from the old $2,000 per child, to $3,600 for little kids up to six years old.
For kids six to 17, it goes up to $3,000.
The change is coming partly in response to ease the additional pressure the pandemic created for a many families in paying for child care and other family needs.
You can claim half the credit when you file income taxes for the year.
The other half will be paid in monthly installments from now through the end of the year.
The amount goes down if one parent earns more than $112 thousand annually, and for households that make more than $150 thousand.
88% of the nation’s kids, and about 39 million households, are estimated to be covered by the enhanced credits.
H&R Block’s Kathy Reiniger Zoomed in live to talk on the Morning Show with Emily Welker about the big changes to look for when you go to file this year’s taxes.