If you have dependent children or minors and meet the eligibility criteria, the Child Tax Credit can provide additional financial relief to help you address any need.
Offer payments up to $1,500 for each eligible minor to families who meet certain criteria.
All families with children or dependent minors of ages 16 or younger and meeting certain income eligibility criteria may receive the full amount of the credit. It's required that the family receive income for work.
Eligible families can receive up to $1,500 per child or dependent minor ages 0 to 16.
The CTC is not automatic. You must file a federal tax return with the Internal Revenue Service (IRS) using Form 1040PR or 1040SS, as applicable.
The period to file the federal tax return and claim the 2022 credit began in January 2023 and ends on April 18, 2023.
You’re still in time to apply for the Child Tax Credit 2021! Offers payments between $3,000 and $3,600 for each eligible minor to families who meet certain criteria.
Visit the Instituto del Desarrollo de la Juventud website for more details on eligibility, how to file the federal return, and more.
The Earned Income Tax Credit (EITC) is another of the approved initiatives within the American Rescue Plan that apply to Puerto Rico.
Residents of Puerto Rico, 19 years of age or older, who have worked during the year 2022 and whose 2022 earned income is lower than $40,000 ($44,000 for married couples filing jointly and $45,773 for married couples with 3 or more dependents). The person must have been resident of Puerto Rico during the entire taxable year and cannot be claimed as dependent on another return for the same taxable year.
If eligible, you can receive up to a maximum of $6,707.
You must claim the credit through the annex CE Individuo – “Crédito por Trabajo” on the Individual Income Tax Return to be filed electronically with the Department of Treasury.
You have until April 17, 2023, which is the due date for filing the Income Tax Return.
Receive your Child Tax Credit and Earned Income Tax Credit payments with a Banco Popular checking or savings account. Find the account that best suits your needs.
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