Roughly 58 million households would qualify for the credit, which averages $3,300 and could be used to offset existing tax bill or be paid out as a refund.
The Biden administration wants families with children to know that there is roughly $193 billion waiting for them — all they need to do is file their taxes to claim it. That estimated total is what remains of the expanded child tax credit, and the administration is concerned that some of those most in need of the assistance may be the least likely to get what is due to them. President Joe Biden increased the payments and expanded who was eligible as part of his coronavirus relief package. While most families already received half of the credit as monthly payments last year, they’ll lose out on the remaining balance unless they file their taxes. Vice President Kamala Harris, Treasury Secretary Janet Yellen and White House senior adviser Gene Sperling held a virtual event Tuesday to encourage people to send their tax forms to the IRS, including those whose incomes are so low that they might not have traditionally filed. Harris said that families should go to childtaxcredit.gov to check their eligibility. The tax filing deadline is April 18. “The truth is there are people across our nation who work hard every day and still struggle to get by and it should not be this way in our country,” Harris said. “You still need to file your taxes.
