PelhamPlus – Page 160

The Child Tax Credit (CTC) remains a vital source of financial relief for families across the United States. In 2025, the credit offers up to $2,000 per qualifying child under the age of 17, helping parents offset the costs of raising children. Here’s everything you need to know about eligibility, income thresholds, and how to claim your credit. How Much Is the 2025 Child Tax Credit Worth? The maximum CTC in 2025 is $2,000 per child, with up to $1,700 refundable. This means that even if your tax liability is less than $2,000, you could receive up to $1,700 as a refund for each qualifying child. To be eligible for the refundable portion, your earned income must exceed $2,500. Eligibility Requirements To qualify for the CTC in 2025, you must meet the following criteria: Age: The child must be under 17 years old by the end of the tax year. Relationship: The child must be your biological child, stepchild, foster child, sibling, or a descendant (e.g., grandchild, niece, or nephew). Dependent Status: You must claim the child as a dependent on your federal tax return. Residency: The child must have lived with you for more than half the tax year. Support: You must have provided more than half of the child’s financial support during the year. Citizenship: The child must be a U.S. citizen, U.S. national, or resident alien with a valid Social Security number. Income Limits for the Credit The CTC begins to phase out for higher-income families: Single Filers: The credit starts reducing at $200,000 annual income. Married Filing Jointly: Phaseouts begin at $400,000 combined income. For every $1,000 earned above these thresholds, the credit is reduced by $50. How to Claim the Credit in 2025 File Your Tax Return: Families can claim the credit by filing their federal income tax return between January and April 15, 2026. Include Dependents: Ensure you list all qualifying children and their valid Social Security numbers on your return. Choose Direct Deposit: Opt for direct deposit to receive your refund faster—typically within 21 days if there are no errors. Why the Child Tax Credit Matters The CTC provides essential financial support to millions of families, helping to cover expenses like childcare, education, and daily necessities. With inflation impacting household budgets, this credit can make a significant difference in easing financial stress. Final Thoughts The 2025 Child Tax Credit remains an important tool for families, offering up to $2,000 per child to help with the costs of raising children. By understanding the eligibility requirements and income limits, parents can ensure they receive the maximum benefit.

2025 Child Tax Credit: Are You Eligible for Up to $2,000 Per Child?

Kaushiki GhoshJanuary 17, 202504 mins

The Child Tax Credit (CTC) remains a vital source of financial relief for families across the United States. In 2025, the credit offers up to $2,000 per qualifying child under the age of 17, helping parents offset the costs of raising children. Here’s everything you need to know about eligibility, income thresholds, and how to…

$350 to $850 Payouts from Citibank’s Robocall Settlement – Are You Eligible?

Kaushiki GhoshJanuary 17, 202505 mins

Citibank has agreed to a $29.5 million class action settlement to resolve allegations that it violated the Telephone Consumer Protection Act (TCPA) by making unsolicited robocalls to non-customers. The settlement offers payments ranging from $350 to $850 for eligible individuals who received these unwanted calls. Here’s what you need to know about eligibility, the claims…

$94 VA Disability Increase in 2025 – Are You Getting the Extra Cash?

Kaushiki GhoshJanuary 17, 202504 mins

Veterans receiving disability benefits from the Department of Veterans Affairs (VA) are set to see a 2.5% Cost-of-Living Adjustment (COLA) in 2025. This increase, effective December 1, 2024, ensures benefits keep pace with inflation, offering crucial financial support to millions of veterans across the country. How Much Will You Receive? The COLA increase will add…

California SNAP Benefits Expanded for Wildfire Survivors – What You Need to Know

Kaushiki GhoshJanuary 17, 2025January 17, 202504 mins

As wildfires ravage Los Angeles and surrounding areas, the California Department of Social Services (CDSS) has announced critical updates to the CalFresh program. These changes aim to provide immediate assistance to residents affected by the fires, offering expanded food options and replacement benefits to those in need. Hot Food Purchases Now Allowed One significant change…

Social Security Income Rules for 2025: Don’t Risk Your Benefits!

Kaushiki GhoshJanuary 17, 202504 mins

If you’re planning to work while collecting Social Security benefits in 2025, you’ll want to know the income limits set by the Social Security Administration (SSA). Earning more than the allowed amount could temporarily reduce your benefits, but careful planning can help you maximize both your income and your monthly checks. 2025 Income Limits Explained…

$1,400 Stimulus Payments: How Automatic Payments Work and What to Expect

Kaushiki GhoshJanuary 17, 202505 mins

The latest round of $1,400 stimulus payments is being distributed automatically to eligible Americans, offering financial relief without requiring an application. Understanding how these payments work, who qualifies, and what steps to take if yours doesn’t arrive is crucial. Here’s a clear breakdown of the process. What Are Automatic Stimulus Payments? Automatic payments mean that…

Biden’s $4.5 Billion Student Loan Forgiveness Plan: Are You One of the 261,000 Beneficiaries?

Kaushiki GhoshJanuary 17, 202505 mins

President Joe Biden’s administration has delivered another wave of student loan forgiveness, erasing $4.5 billion in debt for 261,000 borrowers. This initiative marks the latest step in addressing the student loan crisis, providing significant relief to those who qualify under specific programs. Here’s everything you need to know about the eligibility criteria and how to…

VA Disability Rates for Chronic Fatigue Syndrome: How Much Can You Receive?

Kaushiki GhoshJanuary 17, 202505 mins

Chronic Fatigue Syndrome (CFS) can be a debilitating condition that affects both physical and mental well-being. Recognizing its impact on veterans, the U.S. Department of Veterans Affairs (VA) provides disability compensation based on how severely CFS disrupts a veteran’s daily life and ability to work. With ratings ranging from 10% to 100%, the amount you…

Social Security Payments Set to Increase in 2025 – Find Out How Much You’ll Get

Kaushiki GhoshJanuary 17, 202505 mins

Social Security recipients are poised for a modest boost in their monthly checks in 2025, thanks to a 2.5% cost-of-living adjustment (COLA). This annual adjustment is designed to help beneficiaries keep pace with inflation. Alongside the increase, recent legislative changes promise even more relief for specific groups of retirees. How Much More Will You Get?…

$7,240 Monthly! How to Max Out Your Social Security in 2025

Subhashree PandaJanuary 17, 202503 mins

The Social Security Administration (SSA) has announced that monthly benefits in 2025 could reach up to $7,240, the highest ever. Here’s what you need to know about payment dates, eligibility, and what it takes to maximize your retirement benefits. Who Can Get the $7,240 Benefit? Earning the maximum Social Security payment is no small feat….

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