In the last year and a half, which parent has child custody has dictated which parent receives a significant amount of support from the federal government. These tax credits and relief payments can be a real lifeline for parents who are struggling to get by, but the process has been enormously confusing for parents, leading to a lot of disputes. This week, we’re going to briefly look at who should be receiving the monthly child tax credit payment so that you can better advocate for yourself.
Who qualifies for the child tax credit?
To qualify for the monthly child tax credit, you have to meet certain qualifications. Here are some of them:
- Your child is under 18, meaning that you should opt out of payments that are made after your child turns 18
- To receive the full credit, you make less than $75,000 as a single filer or less than $150,000 as a household
- You provided at least half of the support that your child needed for the last year
- Your child lived with you for at least half of the previous year
Keep in mind that if you accept payments that you aren’t owed, then you could wind up having to pay those sums back. This can be a significant financial burden come tax time.
Know how to navigate these challenging issues
Tax issues pertaining to children can be enormously complicated when they’re entangled with other family law issues. That’s why it’s imperative that you know how to navigate these issues, and other family law matters, with confidence. Only then can you ensure that you’re protecting your interests as fully as possible.