Home New mexico tax Tax credit: Who is entitled to direct payments of nearly $7,000?

Tax credit: Who is entitled to direct payments of nearly $7,000?


Aaccording to research by The Center for Budget and Policy Prioritiestwo million military families are eligible for either the child tax credit or the earned income tax credit.

Karyn Campbell, senior general manager of Jackson Hewitt Tax Service told a Central Texas news outlet KWTX that “one in four military families are eligible for the earned income credit and/or child tax credits: for the earned income credit, they might actually qualify for almost $7,000.”

However, keep in mind that the ETIC is intended to help low-income filers in general, not just military families.

Who is eligible for this payment?

According to the IRS, you must earn less than $57,414 annually to qualify.

In addition, the government has reported that in 2020, 25 millions workers received ETIC benefits totaling almost $60 billion.

If their annual income is less than $200,000 in 2022, single registrants are eligible for the maximum CTC of up to $2,000 per child.

If the annual income of a co-registrant is less than $400,000they are eligible for full credit.

The $3,600 the increase in the tax credit which was only temporary has expired, so the amount is different from 2021. Income tax returns must be filed in order to claim the tax credits.

Veterans and their families may qualify for additional tax relief in some states.

North Carolina veterans who have served 20 years or more or who have been medically discharged do not have to pay state income tax on their military pensions.

In New Mexico, people who become disabled as a result of their service are completely exempt from paying property taxes.

In addition, Iowa provides a property assessment reduction of $1,852 to veterans who have fought in a war or for 18 months in peacetime, reducing their property tax burden.