According to a recent audit from The Treasury Inspector General for Tax Administration, the Internal Revenue Service (IRS) failed to distribute advance child tax credits worth $3.7 billion to 4.1 million households. Additionally, 11.5 million households received money from July to December 2021 that they weren’t supposed to.
Couples had to earn less than $150,000 to be eligible for the full benefit in 2021 & single parents those have filed as the head of the household had to make less than $112,500.
If your income falls between these limits, you have two choices. The first is accomplished by indicating on Form 1040 and Schedule 8812, which are attached, how many dependents and children you have. Parents who don’t earn enough money to pay taxes can choose the second option, but they must visit GetCTC.org and submit an application through the portal.
There have been important changes to the Child Tax Credit that will help many families in #PuertoRico receive up to $3,600 per qualified child. Don’t overlook this benefit – watch this video and claim your money from #IRS now: https://t.co/Yjogcr2kxh
— IRSnews (@IRSnews) October 29, 2022
Child Care Providers Are In Record Short Supply
The Bureau of Labor Statistics reports that the workforce in the childcare industry has decreased by over 9.7 percent. In total, between Feb 2020 & Sept 2022, there will be around 102,400 workers.
According to experts, the reason for a reduction in employees is low salaries; in 2021, US workers earned an average of $13.31 an hour, or $27,680 annually.
Poverty Still Widespread
A recent poll by the Center for Law & Social Policy of parents making $75,000 revealed that 60% of those who discontinued getting federal assistance are experiencing financial difficulties.
About two-thirds of these parents claimed they had difficulty meeting basic needs, such as paying the bills and buying food (66 percent) (and 65 percent). Nearly half failed to purchase, and 40% struggled to make mortgage payments.
Legislator Requests Military Childcare Facilities
A bill sponsored by Senator Jon Ossoff will upgrade childcare facilities throughout the military. The law will renovate military barracks and daycare centers nationwide and address maintenance problems there. In the middle of November, the Senator is likely to investigate this.
A publicly financed initiative known as the Preschool Promise offers free, top-notch preschool to Oregon households with kids aged 3–4 living at or below 200 percent of the United States poverty level.
The initiatives include daycare facilities, private residences, industries tailored to specific cultures, Head Start initiatives, educational service districts, school districts, and neighborhood-based organizations, reports Sun.
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Missed Out on $3600 Child Tax Credit? Online registration is still open till Nov. 15
Child Tax Credit: Access To New Direct Payments Up To $500 For Americans – Check If You Are Eligible
Child Tax Credit 2022: $750 direct payments scheduled for Americans – Check if you are eligible
Child Tax Credits 2023: Under New Plan, Families Might Receive Direct Payments Of $600
Stimulus: Americans could see up to $300 renewed Child Tax Credit Payments This Year
