Families have a limited time to sign up for the expanded child tax credit and get money via the benefit this year. This is because the White House said GetCTC.org will only be accessible until November 15.
The portal, created by Code for America and the Treasury Department, is for families with children who are qualified for the credit. But they did not get it automatically this year, often due to a lack of income to submit a tax return.
The Child Tax Credit was increased to $3,600 for children under six and $3,000 for children aged six to seventeen, with half of those amounts distributed in monthly installments from July through December. In other words, families got $300 per month for children under six and $250 per month for children aged six to seventeen.
Child Tax Credit 2021 Schedule
BGR said there are two regularly scheduled checks left in 2021 for the remaining child tax credit installments. The first will be released in less than a week, on November 15. Then, on December 15, the last check comes, precisely one month later. In addition, following December, a companion benefit will be available in 2022.
Remember that the six checks sent this year were merely partial advance payments. The remaining family’s tax credit will be available next year once they give their federal tax return. This year’s tax credit should be enough to cover all six checks the family received this year. But there is more news to come.
What Happens if Families Register Now?
Families that apply now will get the first half of the credit in December, resulting in a single huge check this year, CNBC said. This is the case because the monthly payment is an advance on a 2021 tax credit, half of which will be provided this year and the remainder when people submit their taxes next year.
For the 2021 tax year, the American Rescue Plan increased the current child tax credit by adding advance monthly payments and boosting the benefit to $3,000 from $2,000, with a $600 bonus for children under six.
The total amount received by a family with two children aged 5 and 7 who are qualified for the full credit is $6,600 ($3,000 for the 7-year-old + $3,600 for the 5-year-old).
The family began getting the first $3,300 of the credit in six monthly instalments of $550 from July through December if they filed a tax return in 2019 or 2020 and had direct deposit.
Families that miss the deadline on November 15 may still earn the full tax credit in early 2022 if they submit their taxes and claim the credit on their 2021 tax return.
A recent study by the Urban Institute claimed that the people most at danger of missing out are low-income families who aren’t compelled to file their taxes.