A NEW batch of $300 stimulus checks will appear in recipients’ bank accounts next week, and here’s how to tell when yours will arrive.
As the final month of 2021 is slowly approaching, so are the latest family incentive checks as part of the Child Tax Credit (CTC).
Because of the US bailout plan, many families have received four CTC payments to help them get by and get the US economy back to health after the coronavirus pandemic.
Under the bill, families were eligible for up to $3,600 for each child under the age of six.
Parents with 18-year-old dependents who are being cared for may each qualify for a maximum of $500 for the child tax credit they would receive.
Individuals between the ages of 19 and 24 must attend college full-time to qualify for $500.
The clock is ticking though, as the next payment will be deposited into the bank account via direct deposit on November 15th.
People who receive the money by check will have to wait a little longer.
Families have until November 15 to receive half of their 2021 CTC payments; if they miss the deadline, they can claim the full CTC after filing 2021 taxes next year.
Many low-income families who don’t usually file tax returns can receive them for the first time, meaning the IRS needs their banking information to send them the advance payments.
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Anyone who has not received their payments can register with the IRS.
Families can use GetCTC.org or the IRS’s website and access the CTC update portal to sign up.
The payment arriving on November 15th is the penultimate payment of the current version of the credit.
If you sign up now, families will get a check worth six months in payments in December.
The other half of the distributions will be received after families file their tax returns in 2022.
Parents who have opted out of the payment will not receive November payments.
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