There are two payments left that are part of the child tax credit program passed in March.
Anyone that has not claimed the benefit but is eligible could receive their full amount in one lump sum Dec. 15.
For children under age 6 the total tax credit is worth $3,600. Children ages 6-17 receive credits worth $3,000. College students up to age 24 are $500. The first half of these refundable credits has been being sent from July until Dec. in $250-$300 dollar amounts monthly.
Anyone that filed taxes in 2019 and 2020 was automatically sent the payments based on their tax information.
The next payment is scheduled for Monday Nov. 15, and the final payment is Dec. 15.
The maximum amount allowed is given to single filers with an AGI of $75,000 or less, or married couples filing jointly making $150,000 or less. Head of households can earn up to $112,500 to qualify.
How to get the most money when claiming your tax credits for children before the payments end
It’s important that parents update their details in the child tax credit update portal that the IRS unveiled Nov. 1.
The deadline for updating income before the Nov. 15 checks was the day it came out. Therefore, income can still be updated for the Dec. 15 payment.
If families are getting below the maximum benefit and have suffered a loss of income, they could collect more money in Dec.
If your income rose, it’s also important to update that information. That could result in paying more in taxes next year.
Anyone who isn’t claiming the credits because they did not file taxes in 2019 or 2020 can still claim them to get the full amount.
Use GetCTC.org to register and collect up to $1,800 per child in Dec.
If you don’t choose to collect in Dec., you’ll need to file for taxes in April of 2022 to get the money.
Related: The next stimulus payment is only 5 days away, make sure you’re ready to get your $300 child tax credit next week
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