Barring Congressional intervention, the final monthly child tax credit payment will be issued this month.
The payment – set to start arriving on Dec. 15 – is the sixth and final installment of the expanded child tax credit approved under March’s stimulus package. The first payment arrived in July and installments include up to $300 a month for each child aged 5 and younger or up to $250 each month for children between ages 6 to 17. An equal amount – up to $1,800 or $1,500 – can be claimed when filing 2021 taxes in 2022.
Some 35 million families have benefited from the payments and data shows more than 90% of low-income families, defined as those earning less than $35,000 annually, have used the money for basic household expenses such as food, clothing, shelter, utilities or education costs.
The monthly payments, however, are set to end in December if Congress doesn’t extend them under the Build Back Better act. That act currently faces a vote in the Senate, where Republicans and centrists Democrats are pushing to whittle down the $2 trillion package.
Sen. Sherrod Brown, D-Ohio, a leading advocate of continuing the payments, told Business Insider last week he considered Dec. 15 as a deadline for Democrats to pass the legislation though the IRS has shown it is able to move quickly in issuing the credits if Congress pushes the legislation into the new year.
Important deadline
There is another important child tax credit deadline looming.
For those currently receiving child tax credit payments, Nov. 29 at 11:59 p.m. ET (10:59 p.m. CT) is the deadline to opt-out if you do not want to receive the December installment. The same deadline applies if you need to update your bank information.
According to the IRS. the unenrollment process may take up to seven days. Additionally, if you’re married filing jointly, your spouse will also need to unenroll. If you or your spouse don’t unenroll, you will receive half of the joint payment.
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November 29, 2021 at 08:47PM
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Stimulus update: Last child tax credit payment in December, important deadline ahead - al.com
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