Residents of Vermont who meet the criteria and qualifications will receive an amount of $1,000 to help them combat poverty and the rising inflation rate.
$1,000 stimulus payment will be sent to eligible residents in Vermon. (Photo: Getty)
$1,000 for Eligible Residents in Vermont
Taxpayers across the country now start receiving different forms of tax rebates and tax returns. In Vermont, those who have children under the age of 6 will receive an amount of $1,000 each. This aims to combat poverty and increasing inflation rate in the country.
In a published article in The U.S. Sun, the Institute on Taxation and Economic Policy said that Vermont has one of the top five highest child tax credits in the country. Additionally, the Institute also said that there are 14 states offering such services in the country.
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How to Qualify for $1,000?
According to an article published on Tax Credit for Vermonters, not all parents will qualify to receive the $1,000 in Child Tax Credit. This credit will only apply to the following:
- Parents with children under the age of 6.
- If either a single or joint filer makes more than $125,000 in adjusted gross income, their rebate would be reduced.
- Beyond $125,000, the credit amount goes down by $20 for every additional $1,000 in income.
- The credit phases out completely at $175,000.
Furthermore, some undocumented residents in Vermont can also claim the $1,000 in child tax credit. The state does not require Social Security Number (SSN) but only taxpayer identification number (ITIN) to get the credit.
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