Update on the Child Tax Credit for 2021: The IRS has opened an advance payment link for the October ‘$1.8k stimulus’ cheque, which will be deposited as cash tomorrow.
On October 15, the next child tax credit payment will begin to arrive in bank accounts.
Families who do not fulfill the eligibility standards for advance payments may wish to unenroll in order to avoid having to repay the IRS.
Advance payments for the child tax credit are optional, and the deadline to opt out for next month is November 1 at 11:59 p.m. ET.
For families that know their financial status may change this year, opting out of advance payments is a wise decision.
If you’re expecting a payment, go to the non-filer tool, which will be open until next Friday, October 15.
Families who sign up for the payments may get hundreds of dollars per month for each child who qualifies.
The IRS will decide eligibility for the monthly payments based on 2020 tax returns, so people who have not yet submitted their taxes may miss out.
According to CNET, parents who don’t make enough money to file a tax return may also be missed out because the IRS has no means of knowing if they qualify for the payouts.
For the most up-to-date information, see our child tax credit live blog…
‘BETTER PROSPERITY FOR EVERYONE’
Julian Castro discussed the social media impact of the child tax credit.
On Twitter, the former Secretary of Housing and Urban Development tweeted, “Every dollar invested in the Child Tax Credit nets taxpayers $8.”
“Employers save $1.8 billion every year on absenteeism thanks to paid sick leave.” Each year, the US economy loses $57 billion due to a lack of child care.” DEADLINE FOR APPLICATIONS The sign-up date for the next payment is October 15.
The IRS advised parents to sign up for the benefits as soon as possible on Twitter, reminding them that the time to update mailing addresses or bank information is now.
This week, the agency sent out multiple tweets encouraging families to sign up, reminding parents that the credit could come in handy for school expenses as youngsters return to school.