(WJW) — There are only two child tax credit payments left. The next one hits November 15 for those who have opted in, and after that, the final payment is on December 15. It is not too late to sign up, but you need to do so soon.
See if you’re eligible. The deadline to opt-in is November 15. However, if you haven’t opted in already, you’ll be getting a big boost. The payments were spread over six months, with a portion being sent monthly equivalent to about $300 per child.
Those who didn’t opt-in previously can get the payments in one big check. Find out how to opt-in online.
An advance payment program of the 2021 tax return which was part of the American Rescue Plan that passed in March, the existing tax credit increased from $2,000 per child to $3,600 per child under the age of 6. It offers $3,000 for children between 6 and 16, and eligible families can receive a monthly payment of up to $300 per child.
When you file your 2021 tax return in 2022, you will need to report the amount of monthly child tax credit payments you received in 2021. All those who opted in for any length of time will receive a letter from the IRS in January with the amounts that need to be reported. If you want to unenroll for November and December, the deadline is November 11. Find out how to unenroll online.
The status of the child tax credit in 2022 is currently hanging in the balance. If the House and Senate pass the $1.75 trillion reconciliation bill, the child tax credits would be extended for another year. The program is projected to cut child poverty by more than half, according to the U.S. Department of the Treasury.