Tomorrow the November payment of the Child Tax Credit is collected: what you must take into account to receive your payment


The Child Tax Credit has been in existence since the 1990s, but was renewed under the American Rescue Plan approved in March.

Photo: Jemal Countess / Getty Images

The Internal Revenue Service (IRS) and the Treasury Department reported that millions of families will receive tomorrow the penultimate round of the advance payment of the Child Tax Credit for the month of November, the last payment of the year is in December.

According to both federal agencies, more than $ 15 billion was sent to the families of approximately 61 million children for October. Eligible families have received a total of $ 61 billion since the first payment, released in July.

Most parents or guardians who have qualified to receive this tax credit automatically get the $ 300 for each child as long as they have the age limit of six years or $ 250 for each minor between the ages of six and 17. The IRS is scheduled to send the final payment on December 15.

Points to consider for this fifth round of payment

1. Most of the beneficiaries will have payments via direct deposit in their accounts as of tomorrow 15. The vast majority of families will receive support by direct deposit.

2. Those who receive payments by physical check, should take into account that, probably, the postal service delivers it and it may take until the end of November.

3. Those who receive payment by conventional check, but now want it to be by direct deposit, to receive the last round of the year in December in this way can make this change using the Child Tax Credit Update. It is important make the change by 11:59 p.m. ET on November 29.

4. Payments will go to eligible families who filed a 2019 or 2020 income tax return. Returns processed through November 1 are reflected in these payments.

5. Payments are automatic, in addition to filing a tax return, including a Non-Tax Registration Tool return, families do not have to do anything if they are eligible to receive monthly payments.

6. Families that did not receive a payment for July, August, September and October and are receiving their first monthly payment this month, they will still receive the full amount of their advance payment for the year. This means that the total payment will be spread over two months, instead of six, increasing each monthly payment.

7. Low-income families who are not receiving payments and have not filed a tax return can still get the payment by registering on the IRS website. tomorrow before 11:59 pm ET.

8. Families who register will receive half of their total child tax credit received on December 15th. Payment could be up to $ 1,800 for each child under age 6, and up to $ 1,500 for each child age 6 to 17.

Those who receive this amount should know that it is the same total amount that most other families have been receiving throughout the six rounds of monthly payments that began in July.

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Source-laopinion.com