Child tax credits started going out once per month in July, and now there are only two payments left.
Parents can expect their fifth payment to hit bank accounts or be sent through the mail on Monday.
Some parents haven’t signed up, and it’s not too late to do so. If you’re one of those parents, you could get the full $1,800 in one lump sum just in time for Christmas to make up for the first 5 missed payments.
Don’t wait to sign up though because the deadline is November 15.
The advance payment program is part of the Biden administration’s American Rescue Act and gives parents a $3,600 child tax credit. They then were able to receive the first half of that in advance.
Keep in my when you file taxes in 2022 you will need to report the amount you received in tax credits this year. A letter will be sent in January outlining this.
If you want to unenroll in order to avoid potentially owing, the deadline is tomorrow, Nov. 11.
Related: Only one week left until families get paid the November child tax credit, here’s when you’ll get it
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