Update on the stimulus: How parents can get $3,000 per child in one lump sum rather than monthly payments.
When it comes to receiving child tax credit payments, parents have several options.
The child credit cash will be distributed to families with children who qualified for the most recent (dollar)1,400 stimulus check.
Those who prefer a single lump sum payment will get it along with their tax refund in 2022.
Parents would have had to opt out of monthly payments, which began in July, to receive the lump sum.
On July 1, the Internal Revenue Service (IRS) launched a website that allows people to change their child tax credit payment preferences.
Families who qualify can receive (dollar)3,600 for children under the age of five and (dollar)3,000 for children under the age of seventeen.
Monthly payments of (dollar)300 for children under the age of five and (dollar)250 for children aged six to seventeen have been made.
Part payments have also been made to some families with college-aged children.
Those who have been receiving monthly payments will get the other half of their child tax credit when they file their taxes in 2021.
Some, on the other hand, have yet to receive a penny.
To receive the child tax credit lump sum payment next year, those who are eligible but have not filed a 2020 tax return must file a 2021 tax return, regardless of filing requirements.
Unless Congress acts to extend it, the extra child tax credit will expire at the beginning of 2022.
For the most recent news and updates, visit our child tax credit live blog…
We go over the eligibility requirements so you can see if you’re eligible for the child tax credit.
We also explain what to do if your child tax credit payment hasn’t arrived yet.
We also reveal who will receive a larger December payment, as well as how to increase your payments.
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