The 2021 advance child tax credit payments are seen as a major help to many families, but others are choosing to opt out.
The Enhanced Child Tax Credit is part of the American Rescue Plan that was signed into law by President Joe Biden. This will expand the benefit from $2,000 credit taken when you do your taxes every year, up to $3,600 per child. Eligible families will get up to $1,800 in cash through December.
People we spoke with have differing opinions on the 2021 tax credit.
“I think every family would want to take advantage of a program like that.” said Jim Connell.
Connell, an Erie resident, says his son has four children and says he could use any available financial help.
“When my own two children were growing up, it would have been a big help. Now, my son and his wife have four children aged three to seven and I know that would be very helpful for them to cover basic expenses.” Connell said.
However, some are opting out of the tax credit. Experts say if you don’t qualify, you should opt out because you will have to pay it back.
North East resident Mike Spellman lives in North East and is the father of two children. He says they will not be affected if they don’t accept it. Spellman says having that extra money later will be more helpful than having it now.
“We like a bigger tax refund. That’s when we kind of do stuff and we plan maybe a trip with the kids to do something fun or do something bigger.” Spellman said.
Still many parents are confused if they qualify. To find out if you qualify, click here for more information.
For news delivered right to you, subscribe to JET 24/FOX 66/YourErie.com’s breaking & daily news email list