Millions of families are expecting a final payment next week for the advance of their child tax credit.
Families can expect as much as $3,600 per child in all, and have been getting payments on the credit since July of this year worth up to $300.
For those that took advantage of the payments, over 3 million children were lifted out of poverty.
Here’s what you can expect this month for child tax credit payments
Parents with children up to age 5 can expect $300 payments in their income qualifies.
This means if you have multiple kids under age 6, you’ll get $300 for each child.
These parents should know this since they should have been getting this monthly payment all along.
Families with kids between the ages of 6 and 17 that meet the income requirements have been seeing $250 per child.
Families that opted into the payments for the first time will see all of their missed payments in a lump sum.
Parents with a child under age 6 will see $1,800, and families with a child between 6 and 17 will see $1,500.
Those that will get a payment like this are the ones who claimed later and used the GetCTC.org tool.
If you did not claim it in time, you can claim the full amount on your taxes next year.
Finally, some families are seeing smaller payments because they were accidentally given more earlier in the process.
2% of recipients saw a glitch that gave them $31.25 more per child for kids over 5 and $37.51 for kids ages 6 to 17.
This made payments a little smaller for Oct., Nov., and Dec.
The reductions were between $10 and $13 per child.
Everyone getting the payments now may claim the other half on their taxes next year.
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