A fourth stimulus check may be out of the picture by now, but there are still several ways for families to avail certain federal payments.
The IRS stresses, “It’s not too late for low-income families to sign up for advance CTC payments.”
The Expanded Child Tax Credits, which are running through December and providing families with children an extra $300/month for children under 6 and $250/month for children ages 6-17, can still be signed up for by those who are eligible, but have not yet received any money.
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Families who sign up will normally receive half of their total Child Tax Credit on December 15. This means a payment of up to $1,800 for each child, under 6, and up to $1,500 for each child, ages 6 to 17.
The parents need to notify the IRS of their status by November 15.
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According to the IRS, you will get the entire first half of the Child Tax Credit as a single payment. However, there are some families that are not already receiving the payments who also do not normally file a tax return because of the amount of money they make.
Parents who already receive the payments on a monthly basis will get the second half of their credit when they file their 2021 taxes in the new year.
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As for any other additional money, the Biden Administration is hoping to approve the expanded Child Tax Credits for at least an additional year in the as-of-yet not passed Build Back Better plan.
If the Bill is passed, then all affected families—including those who have a new child before the end of 2021—will be eligible to receive the payments for an additional year, making for a grand total of anywhere between $3,000-$3,600 per child.
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