MILLIONS of American families will receive a new stimulus payment as part of the child tax credit this week, but the amount they will get depends on their particular situation.
Parents with qualifying children age five or younger will receive up to $1,800 in total from six $300 monthly payments this year – that’s half of the total refund.
Meanwhile parents with children between the ages of six and 17 will receive up to $1,500 in six monthly payments of $250, as reported by CNET.
Dependents aged 18 to 24 may qualify for a $500 payment but must be enrolled in college.
After the October payment arriving this week, only two payments are left for the rest of the year, for November and December.
The IRS looks at the age of each child on December 31, 2021, when deciding how much money they qualify for.
The remaining of the tax credit can be claimed in 2022 with your tax refund.
Families who do not meet eligibility requirements may want to unenroll from advance payments, to avoid having to pay back the IRS.
Read our child tax credit live blog for the very latest news and updates…
Advance payments are optional, and the deadline to opt out of them is November 1, at 11:59pm ET.
If you are expecting a payment, you can track it by visiting the non-filer tool, which will remain open until next Friday, October 15.
The IRS is using 2020 tax returns to determine eligibility for the monthly payments, so those who have not filed their taxes yet could miss out on the benefits.
Additionally, parents who didn’t make enough income to file a tax return could also be left out as the IRS would have no way of knowing if they qualify for the payments, as reported by CNET.
Thee federal tax deadline is this Friday, October 15, for those who filed for an extension.
Although Friday is the last date to file in a “timely” manner, the IRS does offer up three years from the due date of the return to submit and receive a refund.
If you didn’t request more time, you had until May 17 to file your taxes.
According to the latest data available, the IRS had 6.8million individual returns still to process as of October 2.
These include returns with errors and require corrections to the tax refund amount or validation of 2019 income used to get child tax credits and earned income tax credits.
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