$3,600 tax credits are now available to even more people – see if you’re eligible
The IRS, as we all know, stopped sending out monthly child tax credit checks back in December. But that doesn't mean the tax agency has stopped sending out stimulus money completely. Or that no more child tax credit benefits can be claimed.
On the contrary, the IRS in recent days published a new announcement along these lines aimed at Puerto Rico.
President Biden, remember, signed the American Rescue Plan Act into law back in March 2021. At that point, more stimulus money started flowing from the federal government. Continues the IRS announcement: "And one of the Act’s provisions permanently expanded Child Tax Credit eligibility to residents of Puerto Rico with one or more qualifying children."
IRS announcement
Previously, the announcement adds, "tax law limited Puerto Rico resident eligibility to those who paid Social Security or self-employment taxes during the year and had three or more qualifying children."
Last year's stimulus law made the child tax credit fully refundable for 2021. In doing so, it also temporarily removed the requirement that limited the credit amount to the Social Security and self-employment taxes paid during the year.
Last year, the IRS says nearly 152,000 Form 1040 tax returns were filed by residents of Puerto Rico. As of April 18 this year, the last day of the filing season? Taxpayers in Puerto Rico had filed even more Form 1040 returns (nearly 240,000).
"While that’s a good sign that more people have filed this year, we believe that there are many more eligible individuals who haven’t filed and claimed the credit, either because they don’t normally file a tax return, have never needed to file a federal tax return, or haven’t heard about this change," the IRS adds. "We also know that some island residents have had issues filing their tax form and/or claiming the credit."
More stimulus money
Some key things to know about the IRS' effort to make sure Puerto Ricans get the stimulus money they're owed:
- The tax agency is in the process of launching a phased effort that will run over the three-year filing statutory window for Puerto Rican residents to claim the 2021 Child Tax Credit.
- Also in development? A "partner-sponsored online portal" that will allow Puerto Rico residents to file a streamlined Form 1040 for the 2021 tax year. More information on that is coming soon.
Puerto Rico residents should also know that child tax credit information is available anytime via the Internet. The IRS has a page spelling out all the details, at IRS.gov, in English and Spanish. At the top of the page at that link, you should see different language options. Click Spanish to instantly change the format of the page.
Meanwhile, individuals can likewise use the IRS service “Where’s My Refund?” which is also available in Spanish to track their refund.
Read more: For a deeper dive into all this, check out our page right here with all of our latest stories about stimulus money, checks, and more.
The post $3,600 tax credits are now available to even more people – see if you’re eligible appeared first on BGR.
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$3,600 tax credits are now available to even more people – see if you’re eligible originally appeared on BGR.com on Mon, 16 May 2022 at 15:36:00 EDT. Please see our terms for use of feeds.