Update on the Child Tax Credit for 2021 – This week, $15 billion in payments will be given to American families.

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PAYMENTS worth around $15billion are set to be sent out to American families this week.

The cash will come in the form child tax credits, due to arrive in bank accounts on October 15.

Families are getting payments totaling up to $1,800 for each child under six, and as much as $1,500 for kids ages six to 17.

The money starts phasing out if you earn more than $75,000 as a single tax filer or $150,000 if you’re a married couple that files jointly.

For head-of-household filers, the income threshold is $112,500.

The last chance to opt-out for the October child tax credit was October 4 by 11.59pm Eastern Time.

The IRS is using 2020 tax returns to determine eligibility for the monthly payments, so those who haven’t 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.

While in previous years families with no income qualified for only a portion of this federal help, or for no help at all, the 2021 rules were expanded to include families with no income.

Families with no income can use the IRS’ Non-filer Sign-up Tool to submit a simplified return.

Read our Child tax credit live blog for the very latest news and updates…

And when they do so, the IRS will automatically issue a payment for both the child tax credit and the third stimulus check pending on eligibility.

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.

Low-income earners just have to provide the IRS with their name, address, and social security number.

The deadline to use the IRS’ non-filer tool is October 15.

Parents who registered before October 4 may even get their first child tax payment that same month.

There have already been three payments issued this year and there are three payments left until the last one arrives in December.

For those wondering why their child tax credit payments – which started in July – have not been processed at all, the website pointed to a number of factors, such as the IRS not having knowledge of one’s qualification, due to a family not filing a tax return in 2019 or 2020.

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