Suozzi urges L.I. families to discuss child tax credit payment options

Suozzi urges L.I. families to discuss child tax credit payment options
U.S. Reps. Tom Suozzi (D-Glen Cove) encouraged Long Island parents to discuss how they would like to receive their child tax credit payments. (Photo from The Island Now archives)

U.S. Rep. Tom Suozzi (D-Glen Cove) implored families receiving the child tax credit to discuss if they prefer a lump-sum credit or monthly payments on Wednesday.

Suozzi touted the tax credit, which began hitting the pockets of families throughout the nation on Thursday, as a valuable financial resource for millions of Long Island families. Suozzi said the lump-sum or monthly payments will differ depending on families, but urged those who applied for the tax credit to discuss to see which way is more beneficial.

“I am urging families to consider if they would rather receive the monthly payments, or a lump sum at the end of the year so the amount of taxes they owe do not increase,” Suozzi said in a release. “The need will differ from family to family, but this is a conversation I’m urging all families and filers to have.”

Some families, Suozzi said, may desire to opt-out of the monthly payments since they could still owe money when they file their 2021 taxes. Suozzi said if parents decide to opt-out of the monthly payments to opt-in to the lump-sum credit, they would have to follow the steps on the IRS website.

The tax credit offers parents $3,600 for every child 6 years old or younger, $3,000 for kids aged 6 to 17 years and up to $500 for children older than 18, including full-time college students aged 19 to 24. The benefit is available to parents of biological and adopted children, step-children and foster children.

Full payments for each individual child are available for an individual parent making up to $75,0000 a year, and joint filers making up to $150,000 a year. Single filers with incomes of $240,000 or more and joint filers with combined incomes of $440,000 or more will not receive the child tax credit.

Parents with eligible children who filed their 2020 federal tax returns by May 17 can receive the credit that can help impoverished families across Long Island, officials said.

“This child tax credit is going to provide hundreds of thousands of families throughout  Long Island with thousands of dollars and lift up people’s lives,” Suozzi said. “The American Rescue Plan has been great in so many ways, we just have to keep telling people about all the things that are in there.”

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In Suozzi’s 3rd Congressional District — which stretches from Whitestone, Queens, to Kings Park in Suffolk County and includes Manhasset, Roslyn, Port Washington, Great Neck and Floral Park, among other areas — more than 56 percent of the eligible children will benefit from the credit, with 3,700 being lifted out of poverty, he said.

U.S. Rep. Kathleen Rice (D-Garden City) said more than 100,000 children in her 4th Congressional District — which includes Floral Park, Garden City, Hempstead, Mineola, Carle Place, New Hyde Park and Westbury — stand to benefit from the child tax credit.

That number — which accounts for more than 65 percent of the entire eligible child population throughout the district — includes 5,500 children who will be lifted out of poverty as a result of the credit.

“This is money directly in the pocket of families to put food on the table and pay the bills,” Rice said.

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