1366 E 15th St, Edmond, OK 73013
Tel: (405) 340-1717 Fax: (405) 340-6091
Email: greg@womackadvisers.com
Last week, 39 million American households that have children age 18 or younger received their first Advance Child Tax Credit payment.
The Internal Revenue Service (IRS) explained, “Advance Child Tax Credit payments are early payments from the IRS of 50 percent of the estimated amount of the Child Tax Credit that you may properly claim on your 2021 tax return during the 2022 tax filing season. If the IRS has processed your 2020 tax return or 2019 tax return, these monthly payments will be made starting in July and through December 2021, based on the information contained in them.”
The amount Uncle Sam sends depends on the age of the children and the income of the family. Eligible households should receive $300 per month for every child age 6 or younger and $250 per month for every child between the ages of 6 and 17, reported Andrew Keshner of MarketWatch.
For some families, the money will help cover the cost of basic expenses. For others, the cash is a welcome windfall that could be used to:
For those who qualify and prefer not to receive payments, the IRS has a website that can be used to manage these payments.
Womack Investment Advisers, Inc. (WIA) is a registered investment adviser whose principal office is located in Oklahoma. Womack Investment Advisers, Inc. is also registered in the State of California, the State of Illinois, the State of Indiana, and the State of Texas. WIA only transacts business in sates where it is properly registered, or excluded, or exempted from registration requirements.
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