On Wednesday, December 15, tens of millions of eligible households will start receiving the last Child Tax Credit (CTC) payments.
The Biden presidential administration initiated the monthly CTC payments in March as part of the “American Rescue Plan,” a $1.9 trillion coronavirus relief bill. The bill increased the child tax credit payment for children aged six to seventeen from $2,000 to $3,000 per child and $3,600 for children under six.
Half of the money was distributed in six monthly installments, starting in July and ending this week. According to CBS News, the rest will be distributed during the upcoming tax season.
Didn’t Receive Your Child Tax Credit? Here’s How to Locate It:
With the final installment of the Child Tax Credit advance payments being sent, you can utilize the IRS web portal, which can be accessed here, to check the status of your payments.
The site will also allow people to see if they will be receiving a payment. Once logged in, the user will find a list of payments and how much one should receive.
What if you don’t generally file taxes?
The IRS offers the Non-filer Sign-up option to persons who don’t regularly file a tax return.
The tool allows users to enter information about themselves, their eligible children under 17, additional dependents, and their direct deposit bank account details. The data enables the IRS to deposit payments straight into bank or savings account swiftly and efficiently.
According to the IRS, some may have received more funds than they were qualified for this year since the amounts were mainly based on 2019 or 2020 tax returns— whatever was the most recent in the IRS’s database at the time.
Is this the last Child Tax Credit?
Biden’s “Build Back Better Act” gave the credit a one-year extension. The legislation has already passed the House. The IRS has stated that the plan must pass the Senate by the deadline of December 28 for families to get a payment in mid-January, according to The Wall Street Journal.