One state just delivered the best news to thousands of Americans in all 50 states, with a welfare benefit program aimed especially at families who are suffering the most from inflation. So they’re going to pay you $1750 per child, which is the biggest surprise before summer. We don’t want you to miss anything, so we explain the payment schedule and eligibility criteria so you can receive your payment. Hopefully, you’ll get it sooner than you expected with the new Minnesota CTC.
A new $1750 payment is coming soon in this state: The CTC program has been launched again
Minnesota is one of the few states across the country to launch its own child tax credit plan, and it’s promising major assistance to middle- and low-income families in 2024. The maximum amount of this credit is $1,750 per child, and it is the most generous child credit in the United States. It is anticipated to decrease the child poverty rate in the state by about one-third.
Accessible to qualified recipients in Minnesota, the tax credit is available to every qualifying citizen when they file the Minnesota tax returns for the subsequent year of the tax year stated in the credit, in this case, 2023 or 2024. This means that the credit could be refundable where credit is given, with the provision that even those taxpayers who are not owed any tax could get the full credit.
To get the credit, you have to fill out Schedule M1CWFC, the Minnesota Child and Working Family Credits, to be submitted on the state’s taxes. This form will help the Minnesota Department of Revenue calculate the amount of the credit, which would be based on your income and number of children.
Are you eligible to receive this $1750 payment? Criteria for the Minnesota CTC, explained at detail
The IRS allows a $1,750 child tax credit, which allows certain income limits that make one eligible to be given the full or partial credit:
- Single individuals can earn $29,500 a year, while married couples filing for a joint return should earn up to $35,000 at most.
- The entire credit is phased out for families with one child if their income exceeds $52,495 per year, but this limit rises with additional dependent children.
In addition to the income requirements, there are a few other eligibility criteria:
- You must have been a full-year resident of Minnesota or a part-year resident spending at least 6 months in Minnesota in 2023 (there are some exceptions as to military members).
- You cannot be a dependent on another tax return or qualify as a child for that return.
- As you may know, you cannot have an IRS ban on claiming the federal Earned Income Tax Credit (EITC).
You don’t have to wait: this is how you receive 50% of the credit in advance
Beginning in 2025, families who meet the Minnesota child tax credit requirements shall be expected to receive half of the credit amount before the filing season as an advance payment. These advance payments will be made on a periodic basis, similar to what the federal government has been doing through the advance child tax credit payments during the COVID-19 pandemic.
To alleviate worries about higher income and possible equalized repayments, the Minnesota child tax credit program now has a so-called safe harbor. These protections safeguard some individuals to enjoy a mercy period of time that their financial periods may change, and they will not receive that amount of credit.
This new $1750 Minnesota Child Tax Credit is designed to help thousands of families who are having a hard time with the price boom, which seems to be picking up again after giving us a lull between March and May. However, remember that the state also has active Stimulus Checks, for which there are only a few days left since they end in June, and we don’t know if they will return to the medium term (nothing has been officially confirmed, only hoaxes that we have dismantled).
