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The impact of child tax credits for Nevada families

tax deadline
Posted at 4:34 PM, Jul 15, 2021
and last updated 2021-07-16 02:49:20-04

LAS VEGAS (KTNV) — Time to check your bank accounts. Thousands of families here in Southern Nevada could be seeing money drop into their accounts as the first child tax credit payments are now out.

Money could be coming into your bank account thanks to the federal child tax credit payments coming in. The funds come from the American Rescue Plan that was approved earlier this year which also provided the third stimulus check.

“I have heard from so many families in the state of Nevada that were just on tough times so that’s why it was important for me to support this legislation, to support this child tax credit.”

RELATED STORY: Child tax credits start July 15; Nevada tax preparers explain how to receive payments

Senator Catherine Cortez Masto (D-NV) says the payments will be a big help.

“These hard-working families with children will have the opportunity to have a refundable tax credit,” she said.

More than 330,000 families in Nevada are set to get money from the federal government. So how do you know if you’re eligible? If you've filed your 2019 or 2020 returns and make less than $75,000 as a single person or $150,000 for a couple you qualify for full benefits. But if you're not required to file taxes based on a low income, or you've had a baby since you last filed you’ll only qualify if you notify the IRS that you're eligible.

Combined with the past three stimulus checks, a single filer with three children under the age of 6 could receive more than $21,000 in total to keep them afloat.

“Major investments in families was my focus and to me, that really is why I’ve supported legislation and why I’ve supported the American Rescue Plan,” Cortez Masto said.

If your family doesn’t have direct deposit, checks or debit cards are being mailed out. They should arrive in a few days.

RELATED STORY: Why you should consider saving your child tax credit deposit

Millions of dollars coming to Nevada families in the form of child tax credits. That includes Lorena Llamas of North Las Vegas. She’ll be getting 500 dollars a month for her two teenage children.

“Right now. I think we’re going to put that money towards savings. I know the kids are going to be going back to school here soon. So, that will definitely help out with that,” she said.

Llamas says she and her husband have been fortunate keeping their jobs but had to deplete their savings to stay afloat.

“That well ran dry a little bit so now it’s kind of like playing catch up, especially when we go do our taxes and stuff like that,” she said.

Ariel Davis, who also has two children says the money will be a difference-maker.

“Food. Just basic necessities actually because that was money that came out of my check,” she said.

Llamas says families who get the payments should make sure to spend it wisely.

“Make sure that your bills are paid. Make sure that your pantry is full. Make sure your fridge is full,” she said.


Daily Debrief: Impact of child tax credits for Nevada families