Here you can expect to pay the children tax credit for the month of October
The IRS is preparing to distribute another round of advance child tax credits on Friday.
Last month, about 35 million American families Receive payments either by mail or direct deposit, according to the Revenue Service. So far, more than 106 million payments have been made, totaling $46 billion, according to US Treasury Department.
The October installment represents the fourth of the sixth monthly payments of the submitted tax credit, with the last two payments issued on November 15 and December 15. Taxpayers can claim the last half of the credit on their 2021 tax return.
Under the program expansion, eligible parents receive a monthly tax credit of up to $300 for each eligible child under 6 years old, and up to $250 for each eligible child between 6 and 17 years old.
Eligibility is determined by filing the parent’s income tax returns for 2019 or 2020, or – for those who don’t normally pay taxes – IRS . non-filer tool. In general, most people will not have to take any additional steps to receive payments.
However, because child tax credits are paid in advance, some people may want to deregister from the last two monthly installments — including those whose circumstances may change and are concerned about potential IRS overpayments and anyone who prefers to wait to receive a tax credit payment big one.
Recipients can still deregister from the last two monthly installments by going To the Child Tax Credits Update Portal.
The deadline to do this before the November batch is November 1 at 8:59 PM PT.
Additionally, the portal can be used to view payment history, update direct deposit bank account information, change address, and more. And in advance this month, the IRS noted that recipients will also be able to make changes to their income, dependents, and enrollment status using the online tool.