- When is the next Child Tax Credit payment?
- Biden has said that the Child Tax Credit is one of the actions his government approved with the American Rescue Plan to eradicate poverty.
- The IRS began distributing this benefit on July 15, but there are still five more checks to deliver
The Internal Revenue Service (IRS) continues to work to provide coronavirus assistance to citizens in the United States. This is why some wonder, When will the next payment of the Child Tax Credit arrive?
Biden has said that the Child Tax Credit is one of the actions his government approved with the American Rescue Plan to eradicate poverty. The IRS began distributing this benefit on July 15, but there are still five more checks to deliver.
When is the next Child Tax Credit payment?
Under the legislation, beneficiaries of the Child Tax Credit will receive six checks per month from July through December 2021, and the IRS announced that it would deliver them on the 15th of each month. However, in August it will be different.
The second check corresponding to the Tax Credit for children would have to reach the qualified persons on August 15, but since it falls on Sunday, the tax collection agency will be sending it before, the next Friday August 13.
August 13 the second check arrives
The IRS confirmed that next Friday, August 13, it will issue the second payment of the Child Tax Credit, although not everyone will receive it immediately. The money will arrive first to those who have offered their bank details to the agency, as they will be able to quickly see the amount in the account reflected.
While those who did not do so will receive the aid through a check that will be sent by post, La Opinion recalled. It may take a little longer for the envelope to arrive, perhaps a week or two, depending on the shipping service.
More checks to come
The IRS also announced the dates to send the missing checks from the Child Tax Credit, so that families who will benefit from this help can be on the lookout to receive the money they are entitled to. The first check was already sent on July 15, but there are still 5 checks to be delivered.
For this the IRS has established the following dates: July 15, for the first check that has already been sent, August 13 (since 15 falls Sunday), September 15, October 15, November 15, and finally the December 15. Although by 2022 a seventh check would be pending.
A seventh and bigger check
Help doesn’t end! Parents will also receive a one-time payment of $ 1,800 after the monthly checks of $ 300 that will arrive between July and December. This bulkier check is also part of the Child Tax Credit under Biden’s American Rescue Plan.
According to the legislation, child support can be up to $ 3,600. The first $ 1,800 will be divided into 6 payments of $ 300 that will arrive in advance monthly checks from July through December. The remaining $ 1,800 will come in a single payment.
How to get the seventh check?
Parents will need to submit their 2021 tax return in order to claim the $ 1,800 dollars that would complement the Child Tax Credit. Child Tax Credit checks will only be available to eligible families, primarily lower and middle class families.
It is then, when many ask, do I qualify? According to the IRS, about 39 million families they will receive checks of up to $ 300 per month for each child under the age of six or up to $ 250 per month for each child between the ages of six and 17. The maximum to receive would be $ 3,600 for qualifying children under 6 years of age or up to $ 3,000 for qualifying children between 6 and 17 years of age
Do I qualify for the Child Tax Credit?
According to the IRS, “the new maximum credit is available to taxpayers with a modified adjusted gross income (AGI) of $ 75,000 or less for singles, $ 112,500 or less for heads of household and $ 150,000 or less for married couples that file a joint return and for qualified widows and widowers ”.
But what if a person earns more than that? If a person earns more than this amount, they can also receive the aid, although to a lesser extent. “Above these income thresholds, the additional amount above the original credit of $ 2,000, whether it is $ 1,000 or $ 1,600 per child, is reduced by $ 50 for every additional $ 1,000 in modified AGI,” explained the IRS.
How to obtain the Child Tax Credit?
Authorities have reported that about 90% of families in the United States will be eligible for monthly payments, The Sun recalled. They also indicated that those who filed their tax returns before May 17, 2021 will not have to take action, as their payments will be made automatically.
However, there are still families who, although they qualify, could stop receiving the monthly money because they have not provided their information to the IRS. If you have not done so, you have two options: file your tax return as soon as possible or use the tool Non-Filer Sign-up With which you can register to receive the Child Tax Credit in advance. Check HERE which one is the best fit for you.
How to confirm if I am eligible?
Recently, the IRS announced that they have a “Child Tax Credit Eligibility Wizard” in SPANISH, which will help families determine whether or not they are eligible for Child Tax Credit payments and an “Update Portal” , which will allow families to monitor and manage their Child Tax Credit payments.
“Before filing a return or using the Non-Filer Sign-up tool, families unsure if they qualify for the credit or prepayments may want to use another new tool: the Child Tax Credit Eligibility Assistant. ”Advises the agency. By just answering a few questions, you can do a preliminary check to see if they qualify for payments. This is not an enrollment tool. When is the next payment of the Child Tax Credit?