Everything You Need to Know About September’s Child Tax Credit and Beyond

Happy family with three kids on summertime.
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The next advance monthly payment for the Child Tax Credit is scheduled to hit bank accounts next week on Sept. 15.

See: New Child Tax Credit Website Makes It Easier To Get Your Money
Find: Didn’t Get Your Child Tax Credit? Here’s How to Track It Down

The payment will mark the third monthly installment in a series of six checks being delivered by the federal government as a one-time extension of the normal Child Tax Credit. Monthly payments will continue through December to amount to half, $1,800 of the full $3,600 per qualifiable child. The other $1,800 will be eligible to be claimed next year during tax time.

Over 90% of American families with children are eligible to receive this credit this year, regardless of how much or little income you make. While it is too late now to register for the September 15 payment, you can still register for free here for future payments. Any payments you have already missed will simply be claimed during next year’s taxes.

The general thresholds for payments are $75,000 and under filing single or $150,000 filing jointly. The income limits are based on  2019 and 2020 taxes and if you believe that your income situation might change, it could be best to opt out or unenroll from the credit altogether. Should you exceed the income limitations and have already received payments this year as part of the monthly advance payments, it is possible you might have to pay some of the money back. In order to avoid this, simply opt out of the payments.

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See: July’s Child Tax Credit Cut Child Poverty Rate 25% Which Makes Compelling Case for Extension
Find: Stimulus Update: Parents, Teachers and Californians Could See Money Soon

The deadline to opt out so for the September payment has already passed, but the deadline for future payments is now Oct. 4, at 9 p.m. PT. You can use the online portal to unenroll any time from now until December, meaning you can keep the October payment but unenroll from November and December’s payments.

As a reminder, the child tax credit update portal is newly available in Spanish as well.

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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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