Advance Child Tax Credit Payment: 3 Month Update
Updated: Nov 3
Update On Child Tax Credit Payments
On September 15, the third batch of advance monthly payments for the child tax credit were put into millions of bank accounts. The child tax credit is a benefit accessible to all families, regardless of income, even if they do not normally file taxes. Payments have been made in the form of monthly $300 or $250 per qualifying kid since July, and will continue through December, totaling half of the entire benefit amount.
A family qualifying for the maximum benefit amount of $3,600 per kid will get a total of $1,800 by the end of December. This implies that even if you have not yet signed up for the credit, there is still time. You will get the entire $1,800 per qualifying kid, but in one or two full payments rather than the six that families who signed up earlier would receive.
If you sought an extension to file your 2020 tax return, you may still be eligible for child tax credit payments. According to the IRS's most current press release, people who file and have their 2020 return completed by November 1st may be eligible for the next two monthly advance payments for the child tax credit. Depending on the number of qualifying dependents you have, these payments would equal to half of the total benefit to be paid.
Though the Child Tax Credit funds may suffice in terms of expenses, many families are still left with unattended tax debt at the fault of the ongoing pandemic. The tax credit will not be enough to satisfy any tax debts individuals and families may have with the IRS. But there is a new and improved relief program that consolidates many major relief programs into a one-size-fits-all assistance program. Any issues regarding back taxes, unfiled years, or any other tax-related problems may be solved through one program; the IRS Fresh Start Program!
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