Since July, millions of American families have received three monthly payments totaling $45 Billion through the enhanced child tax credit.
Families with eligible children have a limited time to sign up for the IRS non-filer portal if they did not receive their checks automatically. This is likely due to the fact that they do not traditionally file a tax return. According to the IRS, the non-filer portal of IRS will be available until Oct. 15. This means that families have just one month to make use of it.
Ashley Burnside, a policy analyst with the Center for Law and Social Policy, stated that parents who have not received the payment are still eligible for it. They can still use the IRS portal.
According to a Treasury official, families will be able use GetCTC.org after October. This site was launched by Code for America and the U.S. Department of the Treasury in collaboration with the White House to sign up for the credit until mid-November.
Learn more about Invest in You
HBCUs cancel student debts with federal funds, clear student balances
How families can get more college aid
Here are some ways to manage money stress that keeps you awake at night
Larger checks
The credit will be paid out in larger amounts to families who enroll now than they have received monthly since July when the checks were first issued.
The monthly money is an advance for a 2021 tax credit. Half of it will be delivered this year, and the remainder to come next year when families file their taxes.
March's American Rescue Plan, which was passed by Congress, increased the child tax credit. It added advance monthly payments to the benefit and raised it from $2,000 to $3,000 with a $600 bonus for children under 6 years of age for the 2021 tax season.
A family with two children under 7 years old would be eligible for full credit. The amount they would receive is $6,600 ($3,000 per child for 7 year olds and $3,600 for 5 year-olds).
The credit will be available to the family if they file a tax return in 2019/2020 and have direct deposit. They will receive the first $3,300 in six monthly $550 payments that will last from July through December.
