Did you know that your family could be missing out on thousands of dollars this year?
The Child Tax Credit (CTC) is a federal tax benefit that helps millions of families across the country with the costs of raising children. Over the past two decades, the CTC has reduced the federal taxes families owe annually for each qualifying child under the age of 18.
For the 2021 tax year, the CTC was significantly expanded for one year to include almost 90% of children, including those whose families have no income or don’t usually file taxes. This expansion has especially helped New York families afford the cost of food and other basic needs, such as housing and school expenses.
Unfortunately, many New York families are in danger of missing out on this year’s CTC—it is estimated that at least 200,000 children in New York could miss out on at least $3,000 each this year!
The good news is, it’s not too late! Most families with children under 18 qualify for the CTC, and if you’re eligible, you can still claim your benefit by November 15, 2022. Eligible families can receive $3,000 for kids aged 6–17, or $3,600 for kids under 6, per child.
Who Qualifies for the Child Tax Credit?
To receive the full amount of your CTC, there are a few requirements:
- You must earn less than $75,000 as a single parent, or $150,000 as a married couple. If you earn less than $240,000 as a parent, or $440,000 as a married couple, you can still receive some CTC.
- You must have lived in the United States for more than six months in 2021. If not, you might be eligible for a smaller CTC.
- The child you are claiming must be your child, your grandchild, your sibling, your niece/nephew or your great-niece/nephew. Foster relatives, step relatives, and half-relatives also qualify.
- Your child must have been less than 18 at the end of 2021, born on or after January 1, 2004.
- Your child needs to have lived with you for at least six months in 2021.
- Your child must not be financially independent, meaning they cannot pay for more than half of their own living expenses.
Families that already got the advance payments in 2021 must file to get the second half of their credit in 2022. Families that didn’t get their advance credit can get the entire credit by filing now.
The CTC will not affect your other benefits. Parents or guardians will need an SSN or an Individual Taxpayer Identification Number (ITIN).
Claiming Your Child Tax Credit
Though the tax deadline has already passed, many families with no or low incomes who do not usually file taxes do not have a deadline. If you did not file your 2021 taxes this year, visit getctc.org/nyc, an easy-to-use online portal. This tool, available to use in both English and Spanish, will enable you to claim both the CTC and the third stimulus payment (up to $5,000 per eligible child), and it takes 15 minutes or less to complete.
Please note that families that were supposed to file and were owed a refund can continue to file without penalty.
For more information about the CTC, including answers to frequently asked questions, visit GetYourRefund.org’s Child Tax Credit webpage.
Don’t miss out; if you haven’t claimed your 2021 CTC benefit, remember that you have until Tuesday, November 15, 2022, to claim it. So visit getctc.org/nyc to start your claim TODAY!