Having a source of income in the United States is essential to living a peaceful life. Many families live on Social Security benefits alone. This happens because this type of benefit has several modalities such as retirement, blindness or disability, among others. That is why this benefit is so widespread among Americans.
But there are also workers who receive enough to live on month to month and little more. That’s why this kind of news is so welcome. Soon many families will receive the Child Tax Credit of up to $750, so you may be on the list. And the best part is that it is not mandatory to receive Social Security like SSI.
Anyone who previously applied for this kind of financial benefit could soon receive it. Not everyone who applied for it will be able to get it, as it has mandatory requirements. In any case, the application deadline ended in July and now you just have to wait to see if you are eligible. If you applied for the Child Tax Credit refund, you will soon know the resolution. It will be a nice financial relief if you only collect Social Security.
Who can receive the Child Tax Credit?
As we have previously mentioned, it is no longer possible to apply for the Child Tax Credit, whether you collect Social Security or not. The deadline to apply was July 31. Therefore, only people who have previously applied for this benefit will be able to receive it now. The requirements for the Social Security Administration to accept this money are:
- For single or married filing separately: $100,000 per year or less.
- For a head of household: $160,000 per year or less.
- For married individuals filing jointly: $200,000 a year or less
If you meet these requirements and applied for this benefit in the past, you may end up receiving it. The amount is $750 maximum and $250 minimum. It is a one-time payment, so it is not a monthly thing like Social Security benefits. If you are a beneficiary of this benefit you will hear about it soon.
Can I collect the Child Tax Credit and Social Security?
This is not a very common question if we are talking about Social Security retirement benefits. However, this combination of the two payments is possible. As long as the person who applied for the Child Tax Credit does not exceed the amount mentioned above. If you meet the requirements, you will receive this benefit without any problem.
However, don’t forget that the taxes to be paid depend on the state where you live. So if you have any doubts, contact a specialist lawyer or the Social Security office to solve them. There they will help you in an effective way and they will be able to see your personal case directly.