- Next week, new $ 1,800 checks corresponding to the Child Tax Credit will begin to arrive into the bank accounts of beneficiaries.
- This year, families who qualify 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 of 6 and 17.
- All eligible families who have signed up for the program will start receiving their money from next October 15th.
It is a fact! Next week, new $ 1,800 checks corresponding to the Child Tax Credit will begin to arrive into the bank accounts of beneficiaries.
Under the American Rescue Plan, 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 of 6 and 17. This means that the monthly advance payments that will arrive between July and December will be up to $ 300 for children under 6 years old and up to $ 250 for children between 6 and 17 years old.
Next week the new checks for $ 1,800 will begin to fall
The Internal rents service (IRS) has already sent the first three payments of the Child Tax Credit, but there are still three more to be delivered and although the distribution of the funds is already advanced, many people still wonder when will I receive my check?
All eligible families who have signed up or who have not canceled their subscription to the program before October 4 will start receiving their cash from the next October 15th.
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 of age and up to $ 3,000 for each child between 6 and 17 years old. The first half of that money will come through the six monthly advance payments from July to December.
Parents will have to claim the $ 1,800 remaining next year when you file your 2021 tax return. To determine your eligibility, the IRS is using the information you provided on your 2020 or 2019 taxes.
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 with dependent youth ages 17 and older are also eligible for $ 500.
If you are still not sure whether or not you qualify to receive these checks, the IRS recommends using the Eligibility Assistant for advance payments of the Child Tax Credit. They will ask you for some personal information in order to confirm if you are eligible or not.
When will my next payments arrive?
According to the tax collection agency, the next check would be reaching the beneficiaries as of October 15th through direct deposits or physical checks.
The IRS schedule states that the following payments of up to $ 300 per child under the age of six and up to $ 250 per child between the ages of six and 17 will arrive on October 15, November 15 and December 15.
Direct deposit or physical check?
Child Tax Credit payments go to qualified families through direct deposits, which you can verify in your bank account right on the payment date established by the IRS, or through a physical check, which would arrive days later via postal mail.
In the latter case, the IRS asks beneficiaries for a little patience because payments could take a little longer to arrive. “For those who receive payments by check, be sure to allow additional time, until the end of September, for delivery by mail,” the agency said in its latest statement about payments issued on September 15.
Refuse help or make modifications safely
Some families prefer to decline assistance or change their payment method from physical check to direct deposit. For the payment of the month of October it is already late, but if you plan to make a modification later, you can be guided by the following calendar: until October 4 for the payment of October 15, until November 1 for the payment of the 15 November and until November 29 for payment of 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“. Next week the new checks for $ 1,800 will begin to fall.
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