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Forum
-> Household Management
-> Finances
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amother
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 Wed, Jun 02 2021, 2:28 am
Part of the stimulus plan was that families would get monthly deposits according to the number of children. Is this money taken out of our end of the year taxes? Or is it in addition?
I’m having a hard time understanding the whole thing.
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groovy1224
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Wed, Jun 02 2021, 2:35 am
It is a tax credit, which means it reduces the amount of taxes that you owe. If you owe 10,000 in taxes at the end of the year, and you are eligible for 3,000 in these child tax credits, then the amount you owe becomes 7,000. (These numbers are completely made up of course)
You can opt to receive this credit as a monthly deposit, or as a lump credit when you file your taxes in 2022.
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amother
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Wed, Jun 02 2021, 2:47 am
So let’s say I make 100k (making all these numbers up) and 10k of that goes to the govt as tax, how much do I come away with if I have two children ($7200)?
Thanks:)
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