Last week, the IRS and the Department of the Treasury sent over $15 billion to families that qualify for the expanded child tax credit, impacting nearly 60 million children. Eligible parents received up to $300 a month for each child under age 6, and up to $250 a month for each child ages 6 to 17 — through direct deposit or mail. If you have dependents between the ages of 18 and 24 you’ll have to wait until tax time to get one lump sum. Advance payments will continue through December, with the next check being disbursed in three weeks’ time.
If you got your first payment (or are waiting still waiting for it to arrive by mail), you might still have questions about the money, including if you received the correct amount. We’ve been covering all the bases to help you figure out if you should opt out of the monthly payment program, how the credit will affect your 2022 taxes and how to manage your information and payment history through the online IRS portals.
Feeling stressed by child tax credit facts and figures? This FAQ should help. We’ve also compiled some information on how parents might want to use the money and how to claim up to $16,000 more for child care costs, much more than you could in previous years. This story is updated on a frequent basis.
When will the next child tax credit check be sent?
You won’t get all of the child tax credit money this year. You’ll get half of the money in monthly payments, and the rest in 2022 when you file your taxes. Unless you tell the IRS you want to unenroll from the advance monthly payments to get one lump sum next year. The next check will be disbursed on Aug. 13.
So in other words, your largest payment arrives next year — up to $1,800 per child. Until then, you get six smaller payments this year to start using right away. The idea is to bring you money sooner to meet expenses like rent, food and daycare, which is why the checks are “advance payments” this year…Read more>>