Stimulus College Students: Is the $3,600 child tax credit available to college students?
Here’s everything you need to know about it.
Stimulus College Students Tax Credit For Children
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If you have a dependent kid, you might start receiving a monthly payment of up to $300 starting next month.
However, if a member of your family is a college student, you may be wondering if they are eligible for the Child Tax Credit as well.
Because many college students did not qualify for stimulus payments, this is a crucial question. Furthermore, many college students are unsure if they will be eligible for student loan forgiveness. The following are the specifics:
Is the child tax credit available to all children
The child tax credit is part of the newest stimulus package, the American Rescue Plan. Younger children are eligible for the maximum child tax credit. College students, on the other hand, are eligible for the Child Tax Credit.
If you have a dependent kid under the age of 24 who is enrolled full-time in college, this is great news.
What is the amount of the college student child tax credit
The Child Tax Credit amount is determined by the age of your dependent children:
• Children under the age of six: $3,600 per year ($300 per month)
• Children ages 6 to 17: $3,000 per year ($250 per month)
• For those between the ages of 18 and 24, the annual fee is $500. (one-time)
You may be eligible for a $500 Child Tax Credit if you have a dependent college student under the age of 24.
Other conditions include paying more than half of your child’s expenditures and being able to claim your child as a dependent.
Unlike the Child Tax Credit for children under the age of 17, the Child Tax Credit for those between the ages of 18 and 24 is a one-time payment rather than a monthly instalment.
If you have more than one kid at college, each child may be eligible for a $500 one-time Child Tax Credit.
Is the child tax credit available to me
Even if you have a dependent college student, you must meet certain income requirements to be eligible. As a result, unlike stimulus cheques, the Child Tax Credit does not apply to everyone. For example, the income thresholds before the Child Tax Credit is phased down are as follows:
$75,000 for a single filer
$112,500 for the head of household
$150,000 (married/joint)
If you have a higher salary, do you qualify for the Child Tax Credit? Yes. The value of the tax credit is decreased by $50 for every $1,000 of adjusted gross income exceeding these income thresholds. Whether you have a dependent college student or a younger child, this applies.
If you don’t file taxes, do you qualify for the Child Tax Credit
Yes, even if you don’t file taxes, you may be eligible for the Child Tax Credit. Let’s say you have a college-aged child, but you don’t generally file tax returns or are considered a “non-filer.” On the IRS website, you can use an online tool similar to the stimulus check.
You can now enter your information into the Child Tax Credit Non-Filer Sign-up Tool. Important: This tool should only be used if you haven’t filed a tax return and have no plans to do so.
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