Child Tax Credit 2022 - $750 direct payments scheduled for thousands of Americans - see when you'll

Some schools offer aid for school supplies

As inflation increased prices in every sector, school supplies were not immune.

However, some schools like KIPP Troy Prep Elementary are offering some much needed financial relief.

KIPP was able to provide supplies worth over $36,000, according to Spectrum News.

KIPP Principal Jamila Hammet told Spectrum, “so whether that’s uniforms, school supplies, free breakfast, lunch snack. We want to make sure that they have everything they need to be successful in this building, and that we are supporting our families, and letting them know we got you.”

Deducting summer camp and daycare expenses

The Child and Dependent Care Credit allows caregivers to deduct the costs of childcare when filing taxes.

Whether it be a babysitter, daycare, or other care providers, Turbo Tax shared the simple steps to claim the credit.

Anyone who paid for childcare for a qualifying child under the age of 13, or a disabled dependent of any age, may qualify for a tax credit of up to 35 percent of qualifying expenses.

Families with one child or dependent can claim up to $3,000 or up to $6,000 for two or more children or dependents.

This means families could get back up to $2,100.

Childcare is sometimes pricier than school tuition

In a study, a majority of the parents said they planned to spend $10,000 on childcare this year alone, which is more than the average annual college tuition.

Parents have attributed the increase in costs to inflation and childcare centers taking fewer children.

To keep up with the cost, families have cut back on vacations, going out to eat and leisure activities.

Many have also considered getting second jobs or quitting their job to stay at home with the children.

USDA partnerships offer benefits for families

The US Department of Agriculture partnered with 26 states and Puerto Rico to offer children temporary food benefits.

Children will be eligible for the program if they receive free or reduced lunch at school, or if they’re under the age of 6 and live in a household that receives SNAP benefits.

An estimated 13million children will benefit from the program.

Benefits will be loaded onto a debit card that can be used to buy food.

You may qualify for other tax credits  

According to the IRS, if you qualify for the child tax credit, you may also be eligible for the following:

Additional states with CTC boosts

Idaho, Maryland, Rhode Island, Vermont, and Florida also offer statewide child tax credits.

As inflation sends prices skyrocketing, thousands of low-income families who reside in these states can get payments up to $1,000.

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