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