Stimulus Update: How Much Money Will You Get If You Sign Up Now For The Child Tax Credit?
The monthly payments of the child tax credit for 2021 are now on their third distribution, with checks hitting bank accounts Sept. 15. Eligible families who have already registered will be receiving either $300 or $250 per qualifying child.
See: Child Tax Credit Payment Schedule For 2021 – Here’s When You’ll Get Your Money
Find: Will The Child Tax Credit Affect Your 2022 Taxes?
As GOBankingRates reported, the advance portion of the CTC as part of the stimulus bill has already lifted millions of children out of poverty, with 3 million children estimated to have been out of poverty thanks to the checks in July alone.
Some people may not have registered for the tax credit yet — but that’s okay, you can still receive the benefit.
This tax credit is fully refundable, meaning that you will not need to pay it back. You also qualify for the credit regardless of how little money you make, even if you do not pay taxes at all. The major requirement is that you make $75,000 or below filing single or $150,000 filing jointly.
Although the credit is already on its third round, you can still sign up for it today and start receiving your benefit. The full benefit amount is $3,600 per child under the age of 6 years old and $250 per child ages 6 to 17.
Those who signed up early or filed 2019 or 2020 taxes will receive half, $1,800 of the full $3,600 full benefit amount in these monthly payments. The other half will be available to be claimed next year during tax time.
But let’s say you sign up now — how much will you get?
In total, the same. You can sign up now and begin receiving what is left of the monthly payments in October. The last three months of the year will see the last three checks be deposited directly into accounts. A benefit to being a late registrant — your monthly checks will be bigger.
You will still receive half of the total benefit amount in 2021, meaning if you sign up now, your monthly checks will be nearly double compared to those who began receiving checks in July.
See: Didn’t Get Your Child Tax Credit? Here’s How to Track It Down
Find: IRS ‘Math Error’ Notices Soar Due to Stimulus Payments — Are Child Tax Credits Next?
You can still sign up for the child tax credit using the IRS online portals specific to your needs here and the non-filer sign up tool here — but keep in mind that that non-filer sign-up tool will be available only until Oct. 15.
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This article originally appeared on GOBankingRates.com: Stimulus Update: How Much Money Will You Get If You Sign Up Now For The Child Tax Credit?
