MILLIONS of Americans are set to receive hundreds of dollars of child tax credit payments this week.
The Internal Revenue Service (IRS) is set to start sending child tax credit payments to American families on Friday, October 15.
In total the payments this week will be worth roughly $15billion.
Below we round up several things you need to know about the child tax credit payments this week.
How much your family gets this month will depend on how old your kids are and how late you started claiming the tax credits.
Typically, American families get monthly payments of $300 per child under the age of six and $250 per child between six and 17.
Families will get this again assuming that this is the fourth installment of child tax credit payments that they’re set to receive.
However, if you claimed the tax credits late, you might get a $600 payment.
This adjusts for the first three payments missed for July, August, and September; so, you’ll get $1,800 in total by the end of the year.
Then, the remaining half of the payments can be claimed on your 2022 tax return.
To qualify, you must make a certain amount of money each year.
A single parent, who files as head of household needs to make under $112,500, while couples must make less than $150,000 to qualify for the full payment.
If you make more than those thresholds, you might qualify for payments – but they’re typically reduced once those thresholds are met.
Also, keep in mind that you’ll need to have filed a 2019 or a 2020 tax return or use the IRS’ Non-filers tool.
You don’t have to file a tax return if you earn less than $12,200 a year as a single taxpayer or $24,400 as a married couple filing jointly.
For those who may qualify for child tax credits and did not file a tax return – you have just days to use the IRS’ non-filers tool.
Parents who registered before October 4 might even get their first child tax payment that same month.
The deadline to use the IRS’ non-filer tool is October 15.
The last batch of payments for 2021 following October are set to go out on November 15 and December 15.
Last month, some parents expressed frustration on social media over not immediately waking up to a stimulus boost in their bank accounts.
Fortunately, there is an online portal that Americans can use to check the status of their checks.
This tool allows you to view your payments and check and see if you’re enrolled for advanced payments.
You need an IRS username and an ID.me account to check payments online.
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