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3 Advanced Child Tax Credit Payments left! Check out the payment dates

There are only three checks left this year. We will let you know of all the payment dates, things you need to know about payments that are missed, eligibility criteria, and how you can cancel your upcoming payments.

When is the next child tax credit payment?

There is only one week left for the payment of the next child tax credit and following that only two more checks will be sent in this year for November and December. The amount for each payment would be up to $300 per child for the age group below 6 years and up to $250 per child for the age group above 6 and up to 17. If you are an eligible parent and waiting to receive one of the three monthly checks already sent or have not got any money at all then your October check may appear to be an adjusted amount subject to your circumstances.

The intention behind sending advance payments

The intention of sending advance payments is to support families to receive the money immediately so that they can use the same in 2021 along with the remaining tax credit which will be sent during the next year’s tax season. But there have also been multiple problems all over the way which include missing checks, false amounts, and outdated IRS information varying from several dependents to income. Many parents have made attempts to use the IRS portal to change their household information online but the option for the same has not been made available by the agency.

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Option to Unenroll from the November and December checks

Those who want to unenroll from the November and December checks altogether, such families with some complex tax circumstances or joint custody of the child, or maybe such parents who simply prefer to get the remaining amount in 2022 can still opt-out before the next due date of 1st November though it’s very late to enroll for the October check.

3 Advanced Child Tax Credit

In case you are tense regarding your taxes for the next year we are here to describe what needs to be done. If your past payment has been postponed or you received less than what you estimated, maybe it’s time to submit an IRS payment trace.

Payment Date for the remaining child tax credit checks

On 15th October, the next payment is scheduled to go out via direct deposit and from the mail. Don’t forget that what you are getting this year is only half of the amount in monthly checks and the rest of the amount you will be receiving in the next year when you file your tax returns, until or unless you inform the IRS that you don’t want advance payment checks to receive them collectively as a tax credit in 2022.

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So basically, you will receive your one-time large payment next year. Till then you will continue to get 6 small installments this year to use immediately. Advance payments intend that those who need money can get the same as soon as possible to cope up with daily necessary expenses like food, rent, and daycare for children.

Child Tax Credit Payment Schedule

Monthly  Maximum payment per child aged 5 or below Maximum payment per child aged 6 and up to 17
15th July: First 2021 check  $300 $250
13th August $300 $250
15th September $300 $250
15th October $300 $250
15th November $300 $250
15th December: Last check of 2021 $300 $250
April 2022: Rest amount for the payment $1800 $1500

*In case IRS missed an earlier payment then monthly payments could be adjusted to higher amounts

Is there time remaining to unenroll from the rest scheduled payment this year

The advance payments are not mandatory and even if most of the families in the United States are qualified yet some families are not eligible. If you understand your household circumstances are turning significantly this year then it may seem preferable to opt-out to avoid the requirement of repaying the IRS. The next due date to opt-out to unenroll is 1st November at 8.59 p.m. You may also want to unenroll if you are not meeting income or any other eligibility criteria.

To stop advance payments, the IRS explains that you need to unenroll three days before the first Thursday of the following month. Refer to the below table to understand the deadlines.

Remaining Child Tax Credit Payment Unenrollment Dates

Payment Month An enrollment Deadline Payment Date
November 1st November 15th November
December 29th November 15th December

How much money should one family receive per month?

The way the child tax credit payments have been divided between 2021 and 2022 might seem to be a bit confusing. For eligible children aged 5 or below the payment will be up to $1,800 which is 50 percent of the total will arrive in six monthly installments of $300 this year. Each child between the age group of 6 and 17 up to $1,500 will arrive in six installments of $250 monthly this year.

The IRS calculates the eligibility of your child based on their age as of 31st December 2021, so if a 5 years old child is turning 6 in 2021, please understand he is eligible for the maximum amount of $250 per month. For children of both age groups, the remaining half of the payment will arrive in 2022 along with the tax refund of the year 2021 when you claim the remaining credit in 2022.

In case you have dependents of 18 years old they are also eligible to get $500 each which means the dependents between the age group of 28 and 24 are also eligible but the condition is that they must have to be enrolled in full-time college.

2021 Child Tax Credit Income Limits

The income limits decide how much you can get and if you are even eligible, although there is no ceiling limit on the number of children, you can get tax credits for as long as you qualify. For these times, you can even get credit if you have no income.

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A taxpayer earning for less than $75,000 per annum, heads of household earning for less than $112,500 per annum and married couples who are earning less than $150,000 per year will be qualified for the full amount.

The amount you will receive then will then call out higher incomes. Your payment for child tax credit will be called out by $50 for every $1000 of income over such threshold amounts. In simpler words, your family will still be receiving some payments over those income limits but the same won’t be for the maximum payment.

2021 Child Tax Credit Maximum Payment

Age 5 or below Up to $3,600 with 50 percent as $300 advance monthly payment.
Age between 6 and 17 Up to $3,000 with 50 percent as $250 advance monthly payment.
Age 18 $500 single payment
Age between 19 and 24 provided enrolled in full-time college $500 single payment

Written by Abhimanyu Sangwan

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