HomeIRSTax Credits of $3,600 Are Now Accessible to a Larger Population -...

Tax Credits of $3,600 Are Now Accessible to a Larger Population – Check to See if You Qualify

The IRS ceased mailing out monthly child tax credit cheques in December, as we all know. However, this does not imply that the IRS has entirely halted disbursing stimulus funds. Or that no further child tax credit advantages are available.

On the contrary, the IRS just issued a fresh statement targeting Puerto Rico in this vein.

Remember when President Biden signed the American Rescue Plan Act into law in March 2021? More stimulus money began to pour from the federal government at that moment. “And one of the Act’s provisions permanently increased Child Tax Credit eligibility to residents of Puerto Rico with one or more eligible children,” continues the IRS notice.

IRS Public Notice

“Previously, Puerto Rico resident eligibility was restricted to individuals who paid Social Security or self-employment taxes throughout the year and had three or more eligible children,” according to the release.

For 2021, the stimulus package made the child tax benefit completely refundable. It also abolished the condition that the credit is restricted to the amount of Social Security and self-employment taxes paid throughout the year.

Residents of Puerto Rico submitted over 152,000 Form 1040 tax filings last year, according to the IRS. When does the filing season end this year, on April 18? Puerto Rican taxpayers have submitted even more Form 1040 forms (nearly 240,000).

“While the fact that more people have filed this year is encouraging, we believe that many more eligible individuals have yet to file and claim the credit, either because they don’t normally file a tax return, have never needed to file a federal tax return, or haven’t heard about this change,” the IRS adds. “We’re also aware that some island residents have had difficulty filing their tax returns and/or claiming the credit.”

More money for stimulus

Some key details about the IRS’s efforts to ensure that Puerto Ricans receive their stimulus funds:

  • The IRS is preparing to launch a phased initiative that will span Puerto Rican residents’ three-year statutory filing window to claim the 2021 Child Tax Credit.
  • Also in the works? Puerto Rico residents will be able to file a streamlined Form 1040 for the 2021 tax year through a “partner-sponsored online portal.” More information will be available soon.

Residents of Puerto Rico should also be aware that information on the child tax credit is available online at any time. The IRS has a page on IRS.gov that explains everything in English and Spanish. You should see various language options at the top of the page when you click that link. To change the page’s format immediately, click Spanish.

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Individuals can also track their refunds using the IRS service “Where’s My Refund?” which is also available in Spanish.

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