Stimulus Update: Newest Child Tax Credit Payment Arrives Tomorrow

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The third installment of the advance monthly payments for the Child Tax Credit is set to hit bank accounts Wed., Sept. 15. Amounts of either $250 or $300 will be either deposited or sent a paper check for each qualifying dependent up to the age of 17.

See: Didn’t Get Your Child Tax Credit? Here’s How to Track It Down
Find: IRS ‘Math Error’ Notices Soar Due to Stimulus Payments — Are Child Tax Credits Next?

The six monthly installments are considered the advance portion of the child tax credit, which will amount to half of the full benefit amount. The other half will be available to claim next year during tax time. The full benefit amount, given for each qualifiable child 6 years of age and younger, will be $3,600. Parents are able to receive this benefit for each qualifying child and can receive the benefit regardless of income or whether or not they pay taxes.

Recent changes to the child tax credit have included an expansion of the online platform to now be available in Spanish, as well as a new way of registering for the credit via a cellphone.

After heavy criticism that this process alienated the low-income non-English speaking residents the credit was originally intended for, the government created an easier path to registration.

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The new website, GetCTC.org, was developed by the White House and Treasury Department in partnership with Code for America in order to make the process easier and faster for people to sign up for the child tax credit. When registration first rolled out several months ago, qualified citizens could only register for the credit via a personal computer and the service was only available in English.

See: Spanish-Speaking Parents Can Now Sign Up for Child Tax Credit Using Two New Tools
Find: New IRS Update To Child Tax Credit Portal Allows Parents to Update Their Address

The credit is available regardless of how little income one has and for those who do not ordinarily file taxes. You can also use the IRS Online Non-Filer Sign-Up portal to register yourself for the tax credit if you do not make enough money-do not regularly file taxes. No taxes will be owed on the child tax credit, so there’s no worry as to whether or not registering your family and receiving the benefit will result in a tax bill.

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About the Author

Georgina Tzanetos is a former financial advisor who studied post-industrial capitalist structures at New York University. She has eight years of experience with concentrations in asset management, portfolio management, private client banking, and investment research. Georgina has written for Investopedia and WallStreetMojo. 

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