How to receive a refund of up to $3,600 from the IRS? We tell you all the details.
The Internal Revenue Service (IRS) announced the distribution of a one-time refund that can reach $3,600. This benefit is aimed at families that meet the established requirements and have completed the necessary procedures in the corresponding time.
Who qualifies for the refund?
This refund is linked to the Child Tax Credita program designed to provide financial relief to families with children under 17 years of age. To qualify for the full refund, applicants must meet the following conditions:
- Limited income: Annual income must not exceed 200,000 dollars in case of individual declaration or $400,000 if filed jointly with a spouse.
- Relationship requirements: The beneficiary must be your biological child, adopted child, stepson, brother, half-brother, step-brother, grandson, nephew, or other direct descendant.
- Economic dependence: The minor must not have covered more than half of his or her own expenses during the fiscal year.
- Shared residence: The child must have lived with the applicant for at least half of the year.
- Joint declaration: You must not have filed a joint return with your spouse, unless it is exclusively to claim a refund of withheld taxes.
- Immigration status: The minor must be a US citizen, legal resident or national citizen, and have a valid Social Security number.
How much can you receive?
The refund amount varies depending on the age of the minor:
- $3,600 for children under 6 years old.
- 3,000 dollars for minors between 6 and 17 years old.
This benefit seeks to alleviate the economic burdens of low- and middle-income families, promoting their financial stability.
Steps to request a refund
The request must be made using official IRS forms. Specifically, you must complete the Form 1040 (SP)available on the IRS website, in addition to the form for Qualified Child Credits.
The IRS states that those who have filed their tax return on time and meet the requirements can receive the refund directly into their bank account. Otherwise, payment will be sent by check to the registered address.
Important considerations
The refund only applies to those who have filed taxes correctly and meet all of the aforementioned criteria. If in doubt, the IRS recommends consulting with a tax advisor to ensure eligibility and maximize available benefits.
This program aligns with IRS efforts to support families amid a challenging economic environment and provide them with financial tools that boost their well-being.
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