If you have not signed up for the Child tax credit payment yet, make sure to do it as the deadline to signup is Monday. For the children age six or less, the credit provides a $300/month payment for a total of $1800 and $250/month for children aged between 6 to 12 for a total of $15,00.
Those who already signed up will likely receive their Child tax credit payment on Monday. The second payment is scheduled for Dec 15.
As per the American Rescue Plan that Joe Biden passed in March, the tax credit payments began in July 2021 will end in December for the current year.
Half of the total payments will be completed by the end of 2021. The other will be received to the eligible recipients when they will file the 2021 tax returns.
Tax Policy Center revealed, according to a report that the U.S. Treasury Dept found in June, approximately 2.3 million children have been missing out on the payment as their families didn’t file for the tax returns in 2019 and 2020.
The eligible recipients who will begin receiving the payments in November will get two payments for the year consisting of a quarter of the complete amount. While those who will receive their first tax payment in December will be entitled to half of the complete amount in a single payment.
Those who are interested in signing up for Child tax credit can follow these steps to claim their money.
How to sign up for Child Tax credit
Regardless of how much you are making, you can sign up for the Child tax credit money if you have children. Typically, children under 18 qualify as taxpayers. However, they should either live with the taxpayer completely or spend most of their time with them.
The non-filers first have to use the GetCTC tool developed for the IRS by Code for American, a nonprofit company, to get the final monthly payment.
For the process completion, you will require,
- Social security numbers not just for your child but for you and your spouse
- An authentic and reliable mailing address
- Phone number and email id
- Your bank account details only if you want to receive the payment via direct deposit.
The child tax credit payments don’t count as your income earnings, so it will have no effect on your other federal benefits like WIC or SNAP.