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IRS sending October installment of child tax credit after delay in September – Florence, South Carolina

Florence, South Carolina 2021-10-17 10:59:23 –

Chicago(NewsNation Now) — Families across the country are beginning to receive child tax credits in October.

According to the IRS, the program’s fourth monthly payment has already hit American bank accounts after some recipients were delayed due to technical issues last month.

Some families in need said the check was a blessing of salvation during the pandemic.

According to the IRS, total payments in October will reach about $ 15 billion, reaching 36 million households and affecting about 61 million children.

The spillover effect of the pandemic has crippled many Americans financially. Currently, under the Biden administration’s “American Rescue Plan,” families struggling in a pandemic are eligible for a child tax credit.

Families with children under the age of 6 receive $ 300 per child. If you have children aged 6 to 17, you can expect $ 250 per child. This applies to individuals with incomes of less than $ 75,000 and couples with incomes of less than $ 150,000.

There are two more payments left for the program. It will arrive on November 15th and December 15th.

Opponents of tax credits say it causes the government to borrow more and give money, and they claim it discourages people from finding a job.

Parents have the right to opt out at any time.

IRS sending October installment of child tax credit after delay in September Source link IRS sending October installment of child tax credit after delay in September

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