The IRS has only one payment left this year, due in December, after November’s payment. However, some parents have yet to receive payments from previous months. In contrast, according to CNET, others have received adjusted amounts because they did not receive some of the money earlier this year.
December Child Tax Credit
American Rescue Plan’s stimulus money was one of its most popular features. When President Joe Biden signed the legislation in March, most Americans received $1,400 in payments. The federal Child Tax Credit program was expanded, and the first half of the expanded credit was delivered to families in the form of monthly payments.
According to Fortune, just ten days before Christmas, the IRS and Treasury Department will begin distributing the sixth round of payments to families. Children under the age of six will receive up to $300, and those ages six to 17 will receive up to $250. Parents will be able to claim up to $3,600 per child on their tax returns for 2021.
House of Representatives passed President Biden’s Build Back Better Act of $1.75 trillion on November 19. Those payments would be continued under this legislation until 2022. It also aims to make the tax credit’s refundability permanent. In this case, the money would be available to families regardless of whether or not they file taxes.
IRS Told Lawmakers That Bill Must Be Passed By In December 28
Senate and House aides say the IRS has told some lawmakers that the bill must be passed by December 28 in order for payments to continue smoothly through January. According to CBS News, a payment due on or around January 15 could be in jeopardy, as monthly payments so far have been distributed on or around the 15th of each month.
The American Rescue Plan’s sixth and final monthly payment will be delivered to eligible families on December 15. Children under the age of six and those between the ages of six and 17 began receiving monthly payments of $300 and $250, respectively, starting in July.
Read Related Article: Specific Group To Receive $1,400 Payment, Find Out If You Qualify