Today, Dec. 15, is the final day for parents to receive the last child tax credit payment of 2021.
This is the sixth payment worth up to $300 sent as an advancement on the child tax credit for 2021.
Millions of Americans can expect a direct deposit to be initiated today.
Related: Child Tax Credit: Some families will receive $1,800 per child tomorrow
The bank account information used by the IRS was either taken from your tax return or provided with the GetCTC.org tool.
When deposited into your account, it will be labeled as “CHILDCTC.”
When will the money be deposited and how much will it be?
Exact time of day has not been released by the IRS, but it has been made clear that the payments will be sent on Dec. 15.
Timing of day will ultimately depend on your bank.
If you get the payment by checks through the mail, it is being sent Dec. 15 and will take several days to arrive.
[connatix-video-ad]
Related: Stimulus checks worth $600 and $1,100 being sent this week, is one yours?
Parents with children under age 6 will see up to $300 per child, and parents with kids ages 6-17 will see up to $250 per child.
If parents signed up later for the payments, they’re likely to see a larger amount to make up for previously missed payments.
What will happen to child tax credit payments in 2022?
The child tax credit was expanded and given in advanced payments under the American Rescue Plan.
Democrats and President Joe Biden want to extend the monthly payments for the year 2022.
Originally they wanted it to last through 2025, but were met with opposition.
In order for that to happen, and for payments to begin Jan. 15, 2022, the Build Back Better bill needs to be passed by Dec. 28, according to the IRS.
Related: There are just days remaining for lawmakers to extend the child tax credit payments
In all, parents received up to $1,800 when collecting payments for the last 6 months. The payments equate to the first half of the child tax credit.
In 2022 when they file taxes, they can claim the second half.
In early 2022 parents will be getting a Letter 6419 that details the payments they received this year.
The payments are income or taxable, and are just an advance on the credit.
You will need to know the amount you received in order to properly file and claim the remaining credit in 2022.
FingerLakes1.com is the region’s leading all-digital news publication. The company was founded in 1998 and has been keeping residents informed for more than two decades. Have a lead? Send it to [email protected].