Mykolasosiukin, en.elcierredigital.com Good news from Social Security across America: more than $2,000
Donald Trump has launched a new initiative by expanding one of the most requested benefits by citizens
The United States Social Security Administration (SSA) has announced a new measure that surprises citizens. In this case, it is a change aimed at improving economic support for families with minor children.
The goal is to strengthen the financial security of millions of households, especially in times of inflation and economic hardship. Knowing what this decision consists of and how it will impact beneficiaries is important so you can benefit from it.
The government and SSA will increase the child tax credit
Recently, SSA confirmed that the United States government will increase the amount of the child tax credit, raising the maximum per qualifying child from $2,000 to $2,200. This extra payment will be deposited directly into the bank accounts of eligible families, starting in fiscal year 2025.
This SSA benefit acts as a refundable federal credit. While it is subject to certain income limits, one tenth of it remains available even if families don't owe federal taxes.
SSA actively participates in this process by notifying and coordinating with the IRS (Internal Revenue Service). Its role is key to identifying households with minor children and ensuring they meet eligibility requirements. In addition, it keeps benefit amounts under monitoring and updates beneficiaries' accounts when adjustments such as the credit increase take effect.
How this child tax credit changes
With the new rule from the government and SSA, each child under 17 years old entitles families to a $2,000 tax credit. This amount was previously set at $2,000. In addition, the figure will be adjusted each year according to inflation.
Meanwhile, of this total $2,200, $1,400 is refundable. That is, it can be received in full even if families don't owe taxes. Again, this amount will also be adjusted annually for inflation.
The people who will be able to access the credit are those who file the 2025 tax return and have children under 17 years old. The income limit, in this case, is kept. It remains at $200,000 for individuals and $400,000 for couples filing jointly.
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