The final two monthly Child Tax Credit payments will arrive on Nov. 15 and Dec. 15 of this year.
Parents will be getting these two additional payments because the American Rescue Plan Act expanded the Child Tax Credit and changed the way in which these payments are delivered.
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These payments were authorized by the American Rescue Plan Act, which is the same legislation signed by President Joe Biden in March of 2021 that authorized the $1,200 stimulus checks that were delivered to all eligible Americans earlier this year.
Up to $3,600 per child under age 6 and $3,000 for kids ages 6-17. The full amount is refundable, so even parents with limited tax burdens can get the money.
The payments for the expanded credit started getting deposited into people’s bank accounts on July 15 and eligible families received the money already for July, August, September, and October.
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The expanded Child Tax Credit payments will continue through the end of 2021. And, together, all of these monthly deposits will deliver half the credit this year, with the rest claimable when you file your 2021 tax return in 2022.
The IRS will deposit your money into the bank account you have on file on these dates, which should be the same bank account your earlier payments came to. If you haven’t provided your bank details, a check should come in the mail shortly after these dates.
To be eligible for this benefit program, the child you are claiming the credit for must be under the age of 17.
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A qualifying child must be a son, daughter, foster child, brother, sister, stepbrother, stepsister, or a descendant of any of them (for example, your grandchild, niece, or nephew).
An adopted child, lawfully placed with you for legal adoption, is always treated as your own child.
Based on the tax information you provided, the IRS will determine if you qualify and automatically enroll you for advance payments in 2021. You do not need to take any additional action to get advance payments.
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If you aren’t required to file a tax return and haven’t given IRS your information already, you will need to submit some basic information to receive the Child Tax Credit.
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