EL PASO, Texas (KTSM) — The Biden Administration temporarily expanded the child tax credit to include additional money and most El Paso families will be getting that credit.
About 90 percent of families in El Paso will get the full benefits from the child tax credit, according to a Lending Tree study. That’s because 90 percent of El Paso families with children earn less than the amount where benefits are reduced.
Families will get monthly payments of up to $300 for each child through December.
“It starts in July, as long as you are not opting out, it will automatically be direct deposited to you unless you didn’t file taxes last year,” said Patricia Villarreal, owner of Desert Eagle Taxes.
This year, the child tax credit increased from $2,000 to $3,000 for each child over the age of 6 and $3,600 for children younger than 6.
Villarreal said if you get the credit this year, when you file your 2020 taxes next year, your tax refund will be smaller.
“There are some people who don’t want to receive it because they want to get their full amount starting next year for their taxes. If they want to see that, they can go ahead and opt out,” said Villarreal.
There is also a non-filers option for people who may still be able to get the extra money without filing.
“Somebody that doesn’t work but has children or didn’t file taxes and has dependents can go to the website so they can file their direct deposit information,” said Villarreal.
According to the Lending Tree study, on average, families in El Paso will receive a child tax credit of $8,100, which would cover about nine months’ worth of housing costs.
If you want to opt out or register your information to get the benefit, click here.