Child tax credit: Only 4 payments left, with one coming up next week
A U.S. Treasury check and $100 bills are seen in a file photo. (iStock/Getty Images Plus)
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CLEVELAND (WJW) — In a continued effort to help struggling families, the federal government is sending out four more advance child tax credit payments to many parents this year, with another one coming up next week.
The next early payments should hit bank accounts on Sept. 15, with more payments coming on Oct. 15, Nov. 15 and Dec. 15. The remaining money is coming in one lump sum with tax refunds in 2021.
Last month, an IRS technical issue led to some families not receiving their payments directly into their bank accounts on time. Instead, they received them days later in the mail.
For those who may still not have gotten a payment, the IRS says there may be an issue with their tax filings. Taxpayers can check their payment status on the agency’s payment management portal, which also allows filers to change their banking information.
For this year only, the child tax credit has increased from $2,000 per child to $3,000 per child. Parents of children under age 6 would be eligible for an even larger $3,600 total credit. The plan also includes $3,000 benefits to the parents of 17-year-olds who meet plan qualifications. Previously, children had to be 16 or younger.
Parents can also use the portal to opt out of receiving the early payments or to sign up for them.