If you haven’t already received child tax credit payments, the deadline to sign up for them is Monday. The credit provides a total of $ 1,800 up to $ 300 per month for each child under the age of 6 years and up to a total of $ 1,500 for each child aged 6 to 17 years.
For those who register, the payment of the child tax credit must come into your bank account on Monday. The next scheduled payment after that is December 15th.
Payments began in July and will continue until December, based on the American Rescue Plan signed into law by President Joe Biden in March. Half of the total credit amount is being paid in 2021. The remaining half will be paid when qualified recipients file 2021 tax returns.
According to the Tax Policy Center, a US Treasury Department report in June found that 2.3 million children could lose benefits in 2019 or 2020 because their families did not file income tax.
Eligible recipients who receive their first payment in November will receive two payments this year, each one quarter of the total payment amount. Those who receive their initial payment in December receive half of the full amount in one delivery.
This means a December payment of up to $ 1,800 for each child under the age of 6 and $ 1,500 for each child aged 6 to 17 years. This is the total amount that other families are receiving in six monthly payments starting in July. .
For payments that are still missing, here is some guidance on the sign-up process to claim your money.
Who deserves it?
If you have children, you can claim a child tax credit even if you make little or no money. Generally, taxpayers are eligible for a child tax credit if the child is under 18 and living with you most of the time.
Eligible people must be within certain income limits:
- Taxpayers file taxes together and earn up to $ 150,000
- The only head of the family to earn up to $ 112,500
- Other personal taxpayers earn up to $ 75,000
You will need to file a 2021 tax return to receive the remaining payment.
How can I sign up?
If you file tax returns for 2019 or 2020, have dependents, and meet eligibility requirements, you should already be receiving monthly payments.
If you have not filed tax returns, go to getctc.org and select the option to submit a simplified version of your tax credits. The Spanish version is at getctc.org/es.
What about my immigration status?
DACA recipients are eligible for the Child Tax Credit as long as the children claiming the tax return have a valid Social Security number.
If you do not have a social security number, you can use the individual taxpayer identification number to file and claim benefits. To obtain ITIN, you must complete IRS Form W-7, IRS Application for Personal Taxpayer Identification Number. Form W-7 requires documentation for each person claiming alien / alien status and true identity.
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Michelle Shen is a Money and Tech Digital Reporter. You can reach her @ michelle_shen10 on Twitter.