- A new stimulus check will be sent to millions of families this October 15
- Child tax credit payments will be received by direct deposit or paper check
- Parents who did not receive the child tax credit money in the previous months will receive an adjusted amount for each child this month.
Good news! A new stimulus check will reach the pockets of millions of families in the United States starting this Friday, October 15. This federal payment is about the child tax credit that began distributing monthly checks of up to $ 300 per child since July 2021.
Although the monthly advance payments made between July and December will be up to $ 300 for children under 6 years old and up to $ 250 for children between 6 and 17 years old, those parents who did not receive the money in the previous months will receive an amount adjusted by each child, as the remaining checks will be distributed in three months instead of six.
New check will arrive this Friday, October 15
Under the American Rescue Plan, this year eligible families will receive a total of up to $ 1,800 for each child under the age of 6, and up to $ 1,500 for each child between the ages of 6 and 17, The Sun reported.
The Internal Revenue Service (IRS) has already sent the first three payments, but there are still three more to be delivered. All eligible families who have signed up or who have not canceled their subscription to the program before October 4 will start receiving their cash from the next October 15th.
One-time payment for some families
The next payment of the child tax credit will be sent on October 15, however, families with dependent children of university age between 18 and 24 years old may receive a single payment of $ 500.
The Internal Revenue Service (IRS) indicated that to be eligible for this one-time payment, children ages 19-24 must be claimed as dependents and must attend college full-time, as well as have a social security number.
When will this one-time payment arrive?
The one-time payment of $ 500 for families with college-age children will be sent when filing 2021 taxes early next year, according to CNET. The IRS indicated that the income limits with the extended child credit are also the same for these one-time payments.
According to the IRS, couples earning less than $ 150,000 annually or single parents earning less than $ 112,500 annually qualify for maximum aid. Parents with dependent youth over the age of 18 also qualify for $ 500.
How do you know if you qualify for the check?
If you are still unsure whether or not you qualify to receive these checks, the IRS recommends using the Eligibility Wizard for Child Tax Credit Advance Payments. They will ask you for some personal information in order to confirm if you are eligible or not.
Ashley Burnside, Policy Analyst at the Center for Law and Social Policy, said: “If parents have not yet received payment and are eligible to receive it, it is not too late to sign up. They can use the IRS portal; that is still an option ”, according to The Sun collected.