Child tax credit: You only have 8 days to register for the payments
TIME is running out for low-income households to claim advance child tax credits of up to $ 1,800 per child.
The deadline to use the Internal Revenue Service (IRS) non-filer tool for the child tax credit was October 15.
However, thanks to an app launched in partnership with the White House, the US Treasury, and Code for America, you can still sign up.
The GetCTC.org tool is available for households that have not filed income tax returns for 2019 and 2020.
You generally did not have to file a tax return if you earned less than $ 12,200 as a single taxpayer in the 2020 tax year or $ 24,400 as a married couple filing jointly.
To claim with the tool, you will need your social security number or an individual tax ID number.
The deadline for using it, however, is November 15, which means it’s only eight days away.
If you apply before that date, you’ll get all of the advance child tax credits in one payment in December – up to $ 1,800 per child.
But if you don’t, you’ll miss the credits upfront and instead have to claim the money next year by filing a tax return.
This applies even though you are generally not required to file an income tax return.
GetCTC urges eligible families to register through the non-filer tool as soon as possible.
Most others receiving monthly payments of up to $ 300 can expect to receive their fifth payment on November 15.
The final payment is then sent on December 15th. The remaining half can be claimed on 2021 tax returns next year.
Child tax credits are worth $ 3,600 for children under six in 2021, $ 3,000 for children 6 to 17, and $ 500 for college students up to 24 years of age.
We tell you what to do if you haven’t received your October Child Tax Credit payment yet.
We also reveal how you can give your child $ 131,234 by their 17th birthday by investing in child tax credits.
Plus, we’ve put together the best ways to use your child tax credit payments.
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