Why Some Parents Will Get $ 600 Per Child In Child Tax Credits This Month
For the next installment of payments in October, some families could receive monthly payments of up to $ 600 per child this month, which is more than double what many Americans will get.
Child tax credits are part of the US bailout, which was enacted by President Joe Biden in March.
Typically, American families receive monthly payments of $ 300 per child under six and $ 250 per child six to 17.
Payments are automatically sent to families who have filed an income tax return, while non-filers – likely low-income – must register through an IRS tool.
But non-filers need to act quickly, as the tool is only open until October 15.
If you started claiming child tax credits late, you may receive bonus checks of up to $ 600 per month for October.
Parents with children between 6 and 17 years old receive $ 500.
This assumes that October will be the first monthly payment you will receive.
Your payments will be spread over the last three months of the year to give you a total of $ 1,800 or $ 1,500 per child.
This adjusts for the first three missed payments for July, August, and September.
Then, the remaining half of the payments can be claimed on your 2022 tax return.
In total, American families $ 3,600 or $ 3,000 per child, depending on age group.
To be eligible for full payments, couples must earn less than $ 150,000.
And single parents who present themselves as heads of household must earn less than $ 112,500.
Parents who do not wish to get the credits in the form of prepayments may choose to opt out, which means that you will receive the money in one lump sum next year.
It might be better if you’re worried about having to pay the money back in 2022.
For example, a salary increase may affect your eligibility.
But be aware that the deadline to unsubscribe is October 4. You can unsubscribe using the Child Tax Credit Update Portal.
The rest of the payments for this year are scheduled for Oct. 15, Nov. 15 and Dec. 15, according to the IRS.
For the latest updates, check out our live blog on Child Tax Credits.
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