The Child Tax Credit has been expanded to reach an estimated 200,000 children in New Hampshire, many of whom are in Monadnock-area families. The deadline to sign up for the advance Child Tax Credit is Nov. 15. Each household could receive half of up to $3,600 for each child under 6 years old, and half of up to $3,000 for each child between 6 and 17 years old by December and the remainder when they file their 2021 tax returns. This money is not a loan.
“These funds are essential to supporting families with the high cost of raising children,” said NisaSimila, money matters coordinator at The River Center. “But millions of eligible families have no idea that they qualify, let alone how to get this credit. We encourage all Monadnock area residents to visit getctc.org/therivercenter by Nov. 15 in order to determine their eligibility and get their credit or call us at 603-924-6800 for assistance in getting signed up.”
Due to the American Rescue Plan, almost all families will qualify and receive money from the credit. The law expanded eligibility, increased the amount of the tax credit and made it fully refundable. This means even families that don’t file taxes or have no recent income can receive the full credit amount, half in advance by December. Anyone who has a child with a Social Security number in their household can receive the credit, even if they do not have one themselves. Families that were not required to file taxes this year can visit getctc.org/therivercenter to get their tax credit and start receiving payments.
There was no action required for Monadnock-area residents who have children and have already filed taxes this year, even if they did not explicitly claim the Child Tax Credit. If someone’s family status has changed since filing taxes, they can update their marital status, income, number of dependents and bank information on the IRS Child Tax Credit Update Portal.
Eligible families will receive half of their Child Tax Credit payments in 2021 via monthly payments of up to $300 per child 5 or younger and up to $250 per child between 6 and 17 years old between July and December 2021. These payments can come in the form of direct deposit or paper checks. If families sign up for these payments by Nov. 15, their December payment will be for all six months. The second half will be received in 2022 upon filing tax returns.
The River Center is committed to helping Monadnock residents understand their eligibility for the Child Tax Credit and the process for receiving the first half of that child tax credit by December. For families filing for the first time, or those who need help completing their forms, free resources for support are available. For information, call 924-6800 or visit rivercenternh.org.