BUSINESS + ECONOMY
Many Utahns waking up to money in the bank as child tax credits hit
Jul 15, 2021, 8:42 AM | Updated: Jul 16, 2021, 12:54 pm
According to a new report, 68% of parents with children over 18 have made some kind of financial sacrifice for their children. This begs the question, when should parents financially cut off their children? (Pexels)
(Pexels)
SALT LAKE CITY — Many people woke up this morning with extra cash in their bank accounts as the child tax credits hit. There are just over 705-thousand children under the age of 18 in Utah. That means almost 30-percent of Utah households will receive the extra money by direct deposit or in the form of a check.
The average Beehive State family is listed as 3.57 people in each household. All that money adds up to 1-point-2 Billion dollars in Utahns’ pocketbooks.
According to the U-S Census Data about a third of Utah kids are under the age of 6 years, so those families will receive a bit more money than those with kids 6 to 17 years of age.
The Associated Press has explained the process for determining payments to individuals and families. Payments begin to phase out at incomes of $75,000 for individuals, $112,500 for heads of household and $150,000 for married couples. Higher-income families with $200,000 for individuals and $400,000 for married couples can still receive the previous $2,000 credit.
If you filed taxes and the IRS already has your bank account information, the payments should be deposited directly into your account on the 15th of each month. If you haven’t filed taxes in 2019 or 2020, you might still be eligible and can apply here: https://www.irs.gov/credits-deductions/child-tax-credit-non-filer-sign-up-tool.
