Hurry up and register now– you only have a few hours left!
The child tax credit is part of the American Rescue Plan Covid Relief Bill. Parents will get $300 a month for children 5 and younger and $250 a month for kids who are 6 to 17.
The vast majority of parents who receive the child tax credit will get the full amount.
The November advance child tax credit payment comes Monday to millions of Americans. The IRS estimates it will pay out $15 billion in this installment alone.
But some families won’t be getting the full $250 or $300 per child that most others will. It goes back to what was described as a “technical issue” with the September payment.
This caused about 2% of child tax credit recipients to not only get payments late but also to get a little too much money.
Tens of millions of eligible families were automatically enrolled to the monthly payments — with the option to opt out — based on their 2020 tax returns. But others, particularly those whose incomes in 2020 were so low that they were not required to file returns, had to sign up with the IRS.
That’s generally individuals who made less than $12,400 or married couples who made less than $24,800 in 2020.
Many of those people may have not received word about the payments or aren’t aware they have to sign up. That can include hundreds of thousands of Americans without permanent housing or contact information with the IRS.
The monthly child tax credit payments are set to expire following the final payment on Dec. 15. A one-year extension of the credit is part of the Build Back Better social program bill under consideration by Congress. B
The deadline is on Monday at 11:59 PM, so check if you’re still able to sign up!
Stay updated with more news here at the East County Gazette.