Child Tax Credit update: Next payment coming on November 15 - MARCA.com

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Eligible households will receive their next child tax credit payment in less than a week, on November 15, with the IRS having scheduled to issue another payment in December of this calendar year.

Those who may have wanted to opt out of the November payment but have not yet acted on it will not be able to do so for this month, with the deadline having already passed on November 1, yet they still have the opportunity to unsubscribe from subsequent 2021 payments and could be in line to receive a bigger sum next year.

November Child Tax Credit deadline

With advanced payments stopping at the end of the year, the November 15 deadlines is the last opportunity for families to sign up on the IRS.gov website to sign up. Those who sign up in time are likely to receive a lump sum in December, receiving up to 1,800 dollars for each child in the younger category while for each child in the younger section, they will receive as much as 1,500 dollars.

Can I opt out of the December payment?

The latest date that you can opt out of December's sixth payment is November 29. If you decide against doing so, you will receive the last payment on December 15.

For those of you who want to apply for the Child Tax Credit next year, you should be able to update the number of dependents, your change of marital status and income on the portal.

These payments come as some welcome economic relief, particularly for the millions of families who have suffered from the consequences of the COVID-19 outbreak.

Updating information on IRS website

On October 29, the IRS released a feature that permits families across the United States that are already receiving monthly child tax credit payments to enter the Child Tax Credit Update Portal and update their information.

"In some cases, families who are currently receiving monthly payments that are below the maximum may qualify to have their payments increased. This could happen if, for example, they experienced job loss during 2021," the IRS said.

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Child Tax Credit update: Next payment coming on November 15 - MARCA.com
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