The fourth installment of this year’s Advance Child Tax Credit is set to hit bank accounts today, Fri., Oct. 15.
Checks in the amount of either $300 or $250 will be deposited for the majority of the millions of recipients who are scheduled to receive them. $300 is given for each eligible child aged 6 and under and $250 is given for children 6-17 years of age. Those who were already deemed eligible before the first payment in July received a paper letter from the IRS stating their eligibility and to expect payment in their bank accounts.
If you filed 2019 or 2020 taxes, there is nothing further to be done in order to be eligible for the credit. This year’s credit is available to ALL families, regardless of whether you pay taxes or not and regardless of how little income you make — even if you make none at all. The only caveat is that you meet the income thresholds — $75,000 and under if filing single and $150,000 and under if you are filing jointly.
If you believe you might be eligible for the credit but have not yet signed up, do not worry — there’s still time. The IRS has set up an online CTC Update Portal for people to register for the child tax credit on their own. Through this portal, you can sign up as a non-filer or update your information if you do pay taxes and simply need to change information such as direct deposit or income.
You can access the CTC Update Portal here. Once you reach the homepage, you will scroll down and click on “Manage Advance Payments.”
From here, you can see if you are eligible for the child tax credit and check on whether you are currently enrolled to receive money or not. If you are not, you can either still file taxes or use the Non-Filer Sign-Up tool found here. The non-filer tool allows you to simply register to receive your money without having to pay taxes. This should be done by those who ordinarily do not need to file taxes, not those individuals who should be filing regardless.
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