Stock Groups

Harris, Yellen urge Americans to file taxes to collect remaining tax credits -Breaking

[ad_1]

© Reuters. FILE PHOTO: U.S. Treasury Secretary Janet Yellen addresses the U.S. Conference of Mayors winter meeting in Washington, U.S. January 19, 2022. REUTERS/Jonathan Ernst/File photo

WASHINGTON, (Reuters) – U.S. Vice President Kamala Hariri and Treasury Secretary Janet Yellen urged Americans on Tuesday to file 2021 tax returns to claim thousands in earned and child income tax credits.

Yellen stated to non-profit organizations and community groups that many families received only half of their child tax credits or less and that workers only started to receive the increased earned income credit as they file their taxes.

Despite the fact that these programs have already contributed to reducing poverty and food insecurity, as well as easing stress, Yellen stated at a White House “day of actions” event.

In July, the Internal Revenue Service started sending monthly child tax credit payments to families with 61 million children. The money reached the parents between July 2021 and December 2021. However, families will need to file tax returns in order for the second half.

Yellen stated that many families didn’t receive an advance payment as their child wasn’t born until last year or because they hadn’t filed taxes previously or are Puerto Rican residents.

“In most cases, we are talking about families that still receive $3,000 to $2,600 depending upon the age of their children,” Yellen explained, noting, however, that tax filing was the only way these people would be able to get the money.

COVID-19 was the Biden administration’s rescue plan for expanding the U.S. Child Tax Credit from $2,000 to $3,600 per child for children below 6 years of age and $3,000 to children between 6 and 17.

The earned income credit was almost tripled for those workers who do not have dependent children. It rose to $1,500, from $540, for 17 million workers. This is a significant increase for older workers and workers 65 years or older.

According to the White House, events in 50 US states and Puerto Rico were organized to help Americans file their taxes and receive tax credits. More information is available at http://www.childtaxcredit.gov

Disclaimer: Fusion MediaWe remind you that this site does not contain accurate or real-time data. CFDs include stocks, indexes and futures. Prices are provided not by the exchanges. Market makers provide them. Therefore, prices can be inaccurate and differ from actual market prices. These prices should not be used for trading. Fusion Media is not responsible for trading losses that may be incurred as a consequence of the use of this data.

Fusion MediaFusion Media or any other person involved in the website will not be held responsible for any loss or damage resulting from reliance on this information, including charts, buy/sell signals, and data. Trading the financial markets is one of most risky investment options. Please make sure you are fully aware about the costs and risks involved.

[ad_2]