Child Tax Credit 2022: $750 direct payments scheduled for Americans – Check if you are eligible

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A national survey shows that the #ChildTaxCredit monthly payments reduced families’ financial stress and helped them afford necessities, but when those payments ended, families struggled

In contrast to when payments were made in a lump sum during tax season, a recent study led by researchers from the Center for Poverty & Social Policy at Columbia University found that tax credit payments were distributed monthly, preventing one in 10 children from going through a “spell of poverty” throughout the year.

Child Tax Credit 2022: $750 direct payments scheduled for thousands of Americans - Check if you are eligible

From July through December 2021, the households were prevented from falling below the poverty line thanks to the monthly payments’ decreased income fluctuation.

The analysis draws on fresh data that indicates the majority of Child Tax Credit users used the credits to pay for childcare, food, and clothes for their kids—expenses that are currently growing quickly.

Christopher Wimer, co-author of both studies and Columbia University co-director of the Center for Poverty & Social Policy, told Yahoo Money: “Having some regular inflow of cash is really critical for families.

“The Child Tax Credit allowed people to take a breath and served as a resource to help pay for kids and raise children.”

Source

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