HUNTINGTON, WV (WOWK) – We are quickly approaching the deadline to apply for the Child Tax Credit, which is November 15th at 11:59 pm.
The Child Tax Credit is a “dollar-for-dollar” credit you get for dependents filed on your taxes in place of what was previously known as child exemptions.
Qualifying residents can expect to receive $300 per month for each dependent under the age of six for a total of $1,800. They can also expect $250 per month for each dependent between the ages of 6 and 17, totaling up to $1,500.
Now, some residents are wondering if it’s possible to receive this funding if they don’t file taxes.
Is it possible?
“If you don’t file a tax return, with the new child tax credit then you can go through the IRS’s website and apply to have payments sent to you,” says Chris Reynolds, a Partner of Adkins and Reynolds CPAs.
He says this is a new change initiated as a part of the American Rescue Plan, which was pushed forward by the current presidential administration.
I have more questions. Who should I talk to?
“The IRS should be able to answer basic questions. Or we always recommend people just talk to their tax repairer. And if they don’t have a tax repairer, then they can try to find one. But any accounting office or tax office could certainly help with things like that,” says Reynolds.
Here is a list of what you will need to apply for this credit:
- Social Security numbers for your children and Social Security numbers (or ITIN) for you and your spouse.
- A reliable mailing address
- Email address or phone number
- Your bank account information (if you want to get payments via direct deposit)
Anyone looking to access the non-filer form can click here.