This year, many families will get extra money – called the Child Tax Credit (CTC) – in monthly payments from the government. This is a great opportunity to save for your child’s future and other family goals! To help you make the most of the Child Tax Credit, Boston Saves has a special, limited-time offer: Save $50 for your child in the summer (July-Sep) and earn $25. Save $50 again in the fall (Oct-Dec) and earn another $25. Learn more below.
What is the Child Tax Credit?
The Child Tax Credit is extra money for families who have children to care for. Because of COVID-19, the amount of the Credit has gone up and will be sent in monthly payments from July to December 2021. The amount of the payment depends on the number of children you care for. (The children must also have Social Security Numbers.)
Who gets the Credit and how?
To get the full Child Tax Credit, you must make less than:
- $150,000 for married taxpayers filing jointly (or qualified widows/widowers)
- $112,500 for heads of household
- $75,000 for all others
Most eligible families will get the Credit without having to do anything. But you will have to take action to get the Child Tax Credit if:
- You did NOT fill out a 2019 or 2020 tax return that claimed the Child Tax Credit; or
- You did NOT use the IRS Non-Filers tool to get your stimulus payment during COVID
In the cases above, you will need to use the new IRS Non-Filers tool to get the Credit.
How can I earn the extra money for my child’s Boston Saves account?
The Child Tax Credit can make it easier to save for your child’s future. For a limited time only, if you save $50 for your child in a three-month period, Boston Saves will add another $25 to your child’s Boston Saves account. Those three-month periods are:
- July-September 2021
- October-December 2021
To earn the money, the total amount in your account for your child must go up by $50 by the end of the period. This special offer is only good while funds last.
If you have already logged in to the Savings Center and linked a financial account, you only need to start saving. If not, follow the steps below:
- Set up a financial account for your child’s future.
Learn about types of accounts and how to set them up. The account that you open should only be used to save for your child.
- Log in to the Savings Center.
If you are new to the Savings Center, you should email your child’s name, school, and most recent grade to firstname.lastname@example.org. Boston Saves staff will help you log in to the Savings Center.
- Link your financial account.
Once you are logged in, you will see directions for linking your financial account. When you link, you will be able to track all the savings for your child in one place in the Savings Center. Did we mention you earn $25 for your child’s Boston Saves account just by linking?
- Start saving!
Save money for your child in your linked financial account. If the total in this account goes up by at least $50 by the end of the three-month period, Boston Saves will add $25 to your child’s Boston Saves account.