This week, the start of monthly Child Tax Credit payments now puts new opportunities within reach of more families than ever before—including more school options. We work hard to make Partnership Schools affordable—many of our parents will pay only $1,500 in tuition this year, and the national average for Catholic elementary school tuition is $4,840. Yet simply put, thanks to the Child Tax Credit, more families can now afford schools like ours.
The Child Tax Credit means that families can now receive up to $3,000 per child aged 6 to 17 and $3,600 per child under the age of 6 for the 2021 tax year. If you filed a tax return in 2020 and you meet all the qualifications, the government will begin sending you money each month beginning in July and ending in December 2021. The Partnership’s friends at KPMG, a global accounting firm, put together a short, simple video to explain:
The monthly amounts will be about $250 per child aged 6 to 17 and $300 per child under the age of six. All together, those payments will be half of the tax credit parents can receive. Parents will claim the remaining portion of the credit when we file our 2021 income tax returns in 2022.
- Parents need to have filed a tax return, so the government can determine that you meet the requirements and where to send the additional money. There’s a possibility that you can receive the Child Tax Credit even if you don’t need to file taxes; you can find out more about that here.
- A family needs to have physically lived in the United States for more than 6 months in 2021.
- Your child needs to have a social security number and be listed on your tax return as a dependent.
Every parent can check their eligibility and manage their payments here, or by consulting a tax professional.
The combined forces of our generous donors, who provide scholarships for every child, and the new Child Tax Credit mean that more parents have the power to choose the education they think is best for their child, a power we celebrate.