The federal government said on Wednesday that about 35 million American families would receive Child Tax Credit stimulus payments this month, as the third batch of advance monthly payments is already being handed out.
The IRS and the US Treasury Department stated in a joint statement that the total payments will be about $15 billion, with the majority of stimulus checks being made by direct deposit. The American Rescue Plan featured increased CTC payments, which are generally paid in the middle of the month. Payments were made on July 15 and August 13 in the past.
The IRS encourages Americans to register for Child Tax Credit
Payments will be made on October 15, November 15, and December 15. Families who feel they are ineligible for the increased Child Tax Credit should sign up before the October deadline. According to Forbes, a poll by IPSOS found that one in five people who had never claimed the credit thought they were ineligible.
Non-filers must use an IRS portal to register for Child Tax Credits, which are automatically granted to families that have filed a tax return. According to the IRS, the non-filer tool will be available through October 15, so get registered as soon as possible.
On Wednesday, the third installment began to arrive in the bank accounts of 35 million households. Some families would receive monthly Child Tax Credits of $450 per kid, which is $150 more than many others, according to a report released earlier this week.
In 2021, the Child Tax Credits will be worth $3,600 for each kid under the age of six and $3,000 for every child from six to seventeen. Those with dependents between the ages of 18 and 24 who are enrolled full-time in college can also earn $500 apiece, The Sun reported.
How to track stimulus checks?
For the rest of the year, stimulus payments will be made on the 15th of each month. On September 15, the third installment of the Child Tax Credit was released.
Per NJ.com, the bulk of beneficiaries should have received their cash the same day through direct deposit. If not, a paper check should arrive in the mail within a few days to a week of the payment date.
If you're wondering if you received your September payment or if you're still waiting for one from July or August, you may check the Child Tax Credit Portal to see if it was issued or if it's still pending.
If your payment was marked as delivered but you haven't received it and it's been at least five days after a direct deposit or four weeks since a paper check was delivered, you may request a payment trace here.
IRS warns against the stimulus payments scam
The IRS Department issued a statement of advice on the current frauds involving stimulus check distributions. According to reports, the number of scams was at an all-time high in the summer of 2021. A new record was set in the months of June and July.
Currently, millions of eligible families are getting up to $300 per month for each qualified child under the age of five, and $250 per month for children aged six to seventeen. The stimulus payments are made every month from July to December. You might easily be looking at an extra $500 or $900 per month depending on how many children you have and their ages.
The following payment deadlines are October 15, November 15, and December 15. Many payments are automated and based on information from your 2019 or 2020 tax returns, whichever has already been completed by the IRS.
Families who have not yet received an advance Child Tax Credit may need to submit a tax return or use the IRS.gov non-filer option to ensure they receive their funds. The "Child Tax Credit Non-filer Sign-up Tool," according to the IRS, will be available until October 15.
The non-filer tool is for those people who need to report qualifying children born before 2021. The tool is used by families who are not required to file a 2020 tax return, didn't file one, and don't plan to do so. The non-filer user also must have a main home in the United States for more than half of the year, as per USA Today.