This week, child tax credit payments will be received by millions of American families.
It is estimated that about 36 million families will be eligible for the fifth batch of advance payments, which is estimated to be worth about $15 billion. On Nov. 15, most of the payments will be made by direct deposit, while the remaining checks will be made by paper, a process that will take several weeks.
In March, the American Rescue Plan passed, in which eligible families are eligible to receive a $300 payment per child under the age of 6, and a $250 payment per child ages 6-17. You’ll be able to claim the remainder with your 2021 taxes in 2022.
The payment was made in installments beginning on July 15 and continuing through Sept. 15 and Oct. 15. In the absence of an extension by Congress, the final payment will be made on Dec. 15.
There is a Deadline Approaching
Those who filed their 2019 and 2020 tax returns have already received their payments. Families with low incomes who haven’t filed a return and haven’t received payments may still qualify for a payment, but they must register on IRS website ( IRS.go ) by 10:59 p.m. Central Time on November 15.
On December 15, families registering now will typically earn half of their total child tax credit, which amounts to $1,800 in payments for children under age 6 and $1,500 for children age 6-17.
In July, most other families began receiving the same total amount of money in what is up to six monthly payments.
If you would like to make any changes to your child tax credit payment, including switching to direct deposit, please visit the Child Tax Credit Update Portal. Any changes must be made by Nov. 29, 10:59 p.m. Central Time.
