Empire State Child Credit 2024: New York State is preparing to send checks to more than a million families with children to add to the Child Tax Credit they claimed on their taxes this year.
The state, working from Albany, will begin sending out this financial help on Monday, aiming to have all the payments done by the end of August.
The amount each family gets will depend on their household income and the deductions they claimed on their state taxes through the Empire State Child Credit.
Empire State Child Credit
The Empire State Child Credit is designed to help parents with low or moderate incomes.
Families can qualify if their adjusted gross income is up to $110,000 for couples or $75,000 for individuals. The amount of the credit can be either 33% of the federal child tax credit or $100 per child, whichever is higher.
Adjusted Gross Income
Adjusted gross income (AGI) is found by taking your total income and subtracting things like pension contributions, student loan interest, and some other expenses. This gives a clearer picture of your actual earnings.
Eligibility
If your family received at least $100 in child tax credits, you’ll automatically get an extra payment. You don’t need to apply for it—the checks will be sent out on their own.
These extra payments, coming in August, are a percentage of the state credit you received this year, depending on your income:
- Families earning less than $10,000: 100% of the credit
- Families earning more than $50,000: 25% of the credit
Payment Distribution
Starting Monday, the state will begin sending out checks, aiming to finish all payments by the end of August.
Families can receive up to $330 per child, based on their income and tax deductions. Eligible families should keep an eye on their mail and bank accounts during this time.
Funding Source
The money for this support comes from the state budget, which set aside $350 million in April for extra credit payments. This decision came after Assembly Democrats suggested it during budget talks.
Last year, the state also gave out similar bonuses, showing a continued dedication to helping low- and moderate-income families.
Financial Impact
For many families, especially those with low incomes, this extra money can be a big help. It can be used for groceries, school supplies, and other essential needs. This support improves the quality of life for many families by providing crucial financial relief when they need it most.
Planning and Using Your Payments
If you’re getting these payments, it’s a good idea to plan ahead to make the most of them. Here’s how:
- Make a Budget: Write down a budget to see how you can use the money wisely.
- Set Money Aside: Think about saving some of the funds or keeping a bit for unexpected costs.
- Get Advice: Talk to a financial expert for tips on handling your money.
By following these simple steps, you can use your payments more effectively and feel more in control of your finances.
Extra Perks
The Empire State Child Credit offers not just quick financial help but also motivates families to think about their future finances. By learning about tax credits and what they offer, families can make smarter choices about their long-term money plans.
Automatic Payments
If your family qualifies and has already received at least $100 in child tax credits, you don’t need to do anything extra. The payments will be sent out automatically.
For any questions about your eligibility or how the payment process works, check the Social Security Administration website or reach out to your local tax office.
New York State’s extra checks show its dedication to supporting families. The Empire State Child Credit provides additional financial help to make life a little easier and ensure children have what they need to succeed. Stay updated and make the most of this benefit if you qualify.
FAQs
Who can get the Empire State Child Credit?
Families can qualify if their income is up to $110,000 for couples or $75,000 for individuals.
Do I need to apply for the extra payment?
No, if you’re eligible, you’ll automatically get the payment.
How much money can families get for each child?
You can receive up to $330 per child, depending on your income and any deductions.
When will the payments be sent out?
Payments will begin in early August and should be completed by the end of the month.
Where can I find more details?
For more information, visit the Social Security Administration website or reach out to your local tax office.