Folks from around the country, eligible for the child tax credit stimulus, will receive $300 deposits in their accounts tomorrow.
After the November 15th payment, eligible families can expect one final payment in December, but they need to sign up if eligible.
November 15 is the deadline to register for December payments.
In 2022, families will receive the remainder of their Child Tax Credit benefit as part of their 2021 tax return, and those who miss the deadline to sign up can claim the entire CTC when they file.
Monthly payments will stop in December unless lawmakers decide to extend the expanded program.
The purpose of the bill, signed by Joe Biden in March, is to help families get by and to help bounce the economy back from COVID. Before the expansion, most taxpayers had been able to reduce their federal income tax bill by up to $2,000 per child.
However, under the new law, families can get an increased tax break of $3,000 for every child aged six to 17, or $3,600 for every child under the age of six.
Those with dependents between the ages of 18 and 24 who are enrolled in college full-time can receive $500 for each.
Half of the credit was sent out in the form of monthly checks of up to $300 for each eligible child under age six, and $250 for each child between six and 17.
The maximum credit is available to taxpayers with a modified adjusted gross income (AGI) of:
- $75,000 or less for singles
- $112,500 or less for heads of household
- $150,000 or less for married couples filing a joint return and qualified widows and widowers
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