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Third child tax credit payment of $300 to hit bank accounts NEXT WEEK

A THIRD Child Tax Credit payment is a week away from supplying financial aid to eligible American families. 

Those families who opted to be paid advance sums totaling $3,600 in 2021 will come into the third monthly installment on September 15.

AlamyA third Child Tax Credit payment is a week away from supplying financial aid to eligible American families[/caption]

The IRS suggested “all subsequent monthly payments” are scheduled for October 15, November 15, and December 15.”

If the parents or guardians deferred payments, they can expect to receive a lump sum next year.

HOW MUCH CTC CASH?

The Internal Revenue Service (IRS) and the US Treasury Department are doling out $300 per month for every American child they have under the age of six.

For families with children aged between six and 17, the amount drops to $250 per month.

The last send out tallied “about $15billion” and benefitted about “36 million families today across the country.”

Most of the checks are distributed through direct deposit, but the IRS confirms many prefer to receive paper checks in the mail. 

The majority will be issued by direct deposit.

To figure out if the payment is coming in paper or direct deposit – the IRS has set up a  Child Tax Credit Update Portal.

Read our Child tax credit live blog for the very latest news and updates…

CTC CRITERIA

The CTC aid is part of President Joe Biden’s $1.9trillion American Rescue Plan package passed through Congress on March 13. <<//www.congress.gov/bill/117th-congress/house-bill/1319/text>>

To determine whether or not a family is eligible to take advantage of the CTC payments, the IRS is poring over the family’s most recent tax filing. 

The IRS also provides families with the Child Tax Credit Eligibility Assistant portal to help families learn about if and how much CTC support they might get.

And while tax returns are crucial to this process, many families are also collecting the aid without having filed a return at all. 

The IRS has sought to help these needy families who are qualified for CTC, but likely didn’t earn enough to have to file a return to use their nonfiler portal

REPORT FAMILY CHANGES

One crucial caveat is that come 2022 tax season, if the family has undergone a significant change – new pregnancy, a wedding, new job, a kid turning 18 moving out of the house in 2021 – it could affect eligibility to receive the proper CTC credits.

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If a family received more than they were supposed to, that money is likely going to have to be paid back to the IRS.

“​​This means that by accepting advance child tax credit payments, the amount of your refund may be reduced or the amount of tax you owe may increase,” according to the IRS.

One solution to prevent having to pay back the CTC payments to the taxman is to opt-out for 2021. 

Doing this will allow the family to assess the situation and file to receive a lump sum of up to $3,600 next year.

Essentially, a key way to offset having to pay back the feds for this money is to keep your family’s information updated.

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Source: Third child tax credit payment of $300 to hit bank accounts NEXT WEEK

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