- ATTENTION! Time is running out for claiming your money for the Child Tax Credit.
- The IRS announces the requirements to receive a check on December 15.
- On November 15, the IRS will be sending the fifth check from the Child Tax Credit to millions of families in the United States.
ATTENTION! Time is running out for claiming your money from the Child Tax Credit. The Internal Revenue Service (IRS) announced the requirements for receiving the next check on December 15. But families who have not yet signed up for the program will have to register now.
On November 15, the IRS will be sending the fifth check for the Child Tax Credit (CTC) to millions of families in the United States, but time is running out for those families who have not yet registered online for the next advance payment check in December.
IRS announces the requirement for receiving a check on December 15
THE REQUIREMENT: Parents must enroll. This week, the IRS warned that, “low-income families who do not receive payments can still get one, but they must register on IRS.gov by 11:59 p.m. ET on Monday, November 15.”
Yes, time runs out at midnight, but it’s well worth the rush because families who sign up will receive half of their Child Tax Credit on December 15. “This means a payment of up to $1,800 for each child under 6 years of age and up to $1,500 for each child from 6 to 17 years old,” as reported by the agency in a statement. It’s the same amount that other families have been receiving in installments since July, only the full amount would be paid in the December check.
Claiming your check
With the idea of leaving no one behind, the IRS sent letters to many Americans, inviting them to check to see if they qualify for the Child Tax Credit and, if so, to sign up immediately so they could receive advance payments. Even if they did not receive the letter, any family can verify whether or not they qualify for the aid.
The tax agency encouraged, “any low-income family that normally does not need to file a return to register now to receive their payment,” and noted that the deadline to do so is at 11:59 p.m. on Monday, November 15.
How to claim the aid?
The IRS has indicated that the only way to register for the program is online. “To do it, quickly and safely, visit IRS.gov/creditoporhijos2021. Families can choose to apply in English or Spanish,” explained the federal agency.
Although families claiming now would receive a check in December for up to $1,800, they could also claim up to $1,800 more for next year. “Any family that receives advance payments for the Child Tax Credit during 2021 can claim the remainder of the credit when they file their 2021 federal income tax return,” they explained.
The fifth check arrives today!
So far, the IRS has issued checks for up to $300 per month for each child under the age of 6 and up to $250 per month for each child ages 6 to 17. The payments were issued on July 15, August 13, September 15, and on October 15, and this November 15 the fifth check arrives!
According to the agency, “This fifth batch of monthly advance payments, totaling approximately $15 billion, will reach about 36 million families nationwide.” Beneficiaries will begin to see the money appearing in their bank accounts starting today.
Direct deposit or paper checks
The money will get to parents in two ways: by direct deposit or by paper checks. “As with the previous payments, the vast majority of families will receive payments via direct deposit,” says the agency, adding that, “those who will receive payments by check should make sure to allow additional time until the end of November for delivery by mail.”
Regarding those who are still waiting for their payments for other months, the IRS said: “Families who did not receive a payment for July, August, September, or October and will receive their first monthly payment this month, will still receive their full advance payment for the year (which is half of the total amount of the tax credit for children). This means that the total payment will be distributed in two months, instead of six, which will make each monthly payment higher.”
Even you do not think you are eligible, it pays to check
One in five Americans believe they are not eligible to receive Child Tax Credit checks, a recent survey by IPSOS, a market research company, revealed. But those who need it most are passing up generous federal aid.
Child Tax Credit checks are automatically issued to eligible families who have filed taxes, although nonfilers must register through the tax agency’s website. Checking directly with the IRS is the best way to verify whether you qualify for help.
Do I qualify for assistance?
According to the IRS, couples earning less than $150,000 annually or single parents earning less than $112,500 annually qualify for maximum aid. Parents of dependent youth ages 17–24 also qualify for $500.
The American Rescue Plan dictates that this year, eligible families will receive a total of up to $1,800 for each child under the age of 6 and up to $1,500 for each child between the ages 6 and 17. That is, the monthly advance payments that will arrive between July and December will be up to $300 for children under 6 and up to $250 for children between 6 and 17.
How does the Child Tax Credit work?
According to legislation passed in March, families will receive up to $3,600 for each child under 6 years and up to $3,000 for each child between 6 and 17 years. The first half of that money will come through the six monthly advance payments from July to December. Parents will have to claim the remaining $1,800 next year when they file their 2021 tax return.
To determine your eligibility, the IRS uses the information you provided on your 2020 or 2019 tax returns. If you are still unsure whether or not you qualify to receive these checks, the IRS recommends using the Eligibility Assistant for advance payments of the Child Tax Credit. It will ask you to enter some personal information to confirm if you are eligible or not.
Up to what age do children qualify for the Child Tax Credit?
Child Tax Credit payments are available to families with children up to 24 years old! Although the advance monthly checks are only provided for young people up to 17 years old, help for older children is also available in a smaller amount, according to The Sun.
Congressman Steve Cohen explained that, “age is determined on December 31, 2021. If your child turns 18 this year, then he is not eligible for the monthly Child Tax Credit. However, the American Rescue Plan provided a one-time credit of $500 for dependent children age 18 and for dependent full-time college students ages 19–24.”
Refuse help or make modifications safely
Some families prefer to decline assistance or want to change their payment method from a physical check to a direct deposit. For the November payment, it is already too late, but if you plan to make changes later, you can use the following calendar: You have until November 29 for the payment on December 15.
To safely make these changes, the IRS recommends visiting the Child Tax Credit Prepayments in 2021 where people can get more details that allow them to seamlessly make changes to the Child Tax Credit Update Portal. IRS Announces Essential Requirement for New Check, Dec. 15.
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