Richard Rubin

speaker

1,496 appearances 29 recordings 1 series first heard Oct 2017 last heard Jan 2024

Richard Rubin’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · How the Expanded Child Tax Credit Payments Work · 16 Jun 2021 podcast

And it's not really a refund. matched

It can be part of your refund, but it is not itself a refund. matched

So the tax credit is the amount of reduction in your tax bill. matched

And for this tax credit in particular... matched

If it even reduces your tax bill below zero, you can still get the money. matched

So the tax credit exists as a way to provide support to families. matched

It's a child tax credit. matched

It's an amount you get as a taxpayer for each child that you have in your household. matched

And the idea is to help families with children cover the cost of raising children. matched

And also to, you know, the recent expansions are really designed to significantly reduce child poverty. matched

Congress made several changes to expand the credit for this year. matched

The basic credit went from $2,000 per child to $3,000. matched

They added another $600 if you have a child under age six. matched

The credit is also now fully refundable, so there are no limits on the amount of money you can get other than the total cap on the credit if your income is so low that you don't pay income taxes. matched

And one thing people will find out as they start getting this money is it's now partially advanceable. matched

There will be monthly payments of half of the credit that will happen over the second half of 2021. matched

They're going to get more money starting to show up in mid-July. matched

July 15th is the first of the monthly payments. matched

If you have one child, that'll be $250 a month because that'll get you through the second half of the year. matched

And then you claim the other $1,500 on your tax return that you file early next year. matched

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