Stimulus Update: Child Tax Credit Payments Will Hit Banks Accounts Tomorrow
The fourth installment of the advance monthly Child Tax Credit payments is scheduled to hit bank accounts this Fri., Oct. 15.
Payments in the amounts of $250 or $300 per child will be deposited into the accounts of eligible families. The full benefit amount is $3,600 per child under the age of six, of which half, or $1,800, is currently being paid out in the $300 monthly payments over six months. Parents of children aged 6-17 years of age are eligible to receive $250 per child in their monthly payments.
The other half will be eligible to be claimed next year during tax time. For those who have not yet signed up for the credit, or were generally unaware, there is still time. The IRS has set up two online portals for eligible individuals to receive the benefit.
This year’s child tax credit is nonrefundable, meaning that you will not have to pay it back. This also means that anyone, regardless of whether or not they file taxes and regardless of whether or not they even have an income can receive the credit.
Ordinarily, the credit is only available to those who pay taxes. This year, as part of the American Rescue Plan stimulus relief bill, the credit is available to all American families who fall underneath the income thresholds. These thresholds are $75,000 and under for those filing single and $150,000 filing jointly. Even couples making up to $440,000 will still be eligible to receive some benefit, although reduced.
The Child Tax Credit Non-Filer tool can be found here. This tool is to be used for those who do not file taxes, but would still like to register for the credit. All that is required is your personal information and bank account details for direct deposit. No tax bill will be incurred as a result.
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