Monday is the next child tax credit payment, and then after that there is only one left.
The second half of the child tax credit is set to be disbursed to families when they claim their 2021 taxes next year.
The first half was sent in 6 payments once per month from July until this Dec.
Many people found these to be helpful, with some families collecting as much as $1,800 per child.
If the advanced child tax credits were so successful this year, will they continue next year?
Whether they continue depends on the finer details of President Joe Biden’s spending plan that has not passed yet.
A study published by the Urban Institute supports that advanced child tax credit payments will help reduce the extremely high rates of child poverty.
While many are leaning towards it lasting for one more year, others support it lasting until 2025.
Important dates include Monday, Nov. 15 and Wednesday, Dec. 15 for the final two payments. The final date for non-filers to enroll and get the full lump sum in Dec. through GetCTC.org is Nov. 15. The last day to unenroll and opt out of the Dec. payment in Nov. 29.
Many want to unenroll to avoid potentially paying the credits back if they’ve had a change in income or their child aged out.
In January the IRS will send out letters with the total amount families received in credits for them to use on their 2021 tax return.
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