Right after taking the oval office, President Biden signed the $1.9 trillion worth of American Rescue Plan into law. The economic stimulus included expansion to the Federal Child Tax Credit.
Since then, monthly payments have been going out to some families who have opted to receive these payments in their bank account.
An eligible family is receiving payments of up to $300 for every child under the age of 6 & up to $250 for every child under the age of 17.
That’s nice!
But what about the families with older kids who’re planning to go to college?
No one’s talking about them.
Will they get any part of the economic package announced by President Biden?
Households with kids under 17 can claim child tax credit benefits of up to $3,600/child.
As compared to them, qualified households with a dependent child between the age of 18-24 who’s attending full-time college will receive a one-time payment of $500.
Note: The payment of $500 each can be claimed for every college-going kid between 18-24.
Recommended Read: Child Tax Credit Still Not Received? Here’s How You Can Track It
Eligibility Criteria to Receive $500 Child Tax Credit Benefits
If you want to receive the full payment, you need to fulfill the following eligibility criteria:
- You’re a single filer with a dependent college student & make less than $75,000 a year.
- You are head of the household and earns less than $112,500 annually.
- You’re a married couple or joint filers & earn less than $150,000 a year.
Every $1000 added to the total amount would result in the drop of tax credit by $50.