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High Inflation Drives Larger Increases In 2022 Tax Code Amounts Than Recent Years, Bloomberg Tax & Accounting Projects
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High Inflation Drives Larger Increases In 2022 Tax Code Amounts Than Recent Years, Bloomberg Tax & Accounting Projects
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Child Tax Credit: How Illinois Residents Could Qualify for Up to $3,600 in Credits
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Published 5 hours ago •
Updated 5 hours ago
NBC Universal, Inc.
Illinois residents are being urged to file their 2020 tax returns as soon as possible to ensure that they receive the full benefits of the expanded Child Tax Credit, a provision of the American Rescue Plan that will provide families with tax credits of up to $3,600 per child.
According to the IRS, those families who are eligible through the program will begin receiving payments in July. A monthly advance credit of up to $300 will be paid for each child 5 years of age and younger. A $250 credit will be paid for each child between the ages of 6 and 17, according to the IRS.