I made just under the $2,500 earned income requirement in both 2019 and 2020. In my research on the ARPA, I found that it supposedly eliminated the minimum Earned income requirement. That would make me eligible for the CTC. (See here)
Along with reading articles written by tax professionals online, I read the law directly and was not able to find that specific part which confirms this.
TurboTax still shows that the requirement is $2,500, but I really want to be sure this is accurate before I file since that would be a $3,600 loss and especially with having found conflicting information. I know TT only had so much time to update the service to reflect the new law mid-tax season, so mistakes are possible.
Does anyone know the precise, accurate information concerning this?
That is correct for 2021 when you file tax next year.
Okay, so when I'm filing in 2022 for the 2021 tax year is when I'll actually be eligible to receive that. Correct? and the whole part about it being dispersed in payments etc, that all is set to take place next year? or was that supposed to happen this year as an advance on the 2022 return on 2021 taxes?
Thanks for the quick response!
that is correct.... there was news that the IRS would make payments beginning in July, but that may or may not occur given all the other issues the IRS is dealing with currently. Worst case is you get the credit on next year's tax return