These are all the important child tax credit dates you need to know
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Since July, millions of American families with children have received monthly checks thanks to the new and improved child tax credit.
Even more will see more credit than usual – and potential repayment, depending on other aspects of their situation – at tax time next year.
So far, credit has reduced hunger rates, reduced financial instability, and reduced financial anxiety for families receiving it. Going forward, Democrats hope to ensure that the improved credit – which is currently only allowed for tax year 2021 – continues into the years to come.
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In the meantime, there are a few key dates that everyone who is eligible for credit should keep in mind, especially if they are looking to accept or stop receiving payments, have moved, or would like the benefit to be sent to someone else. other bank. Account.
When do the checks arrive?
The IRS and the US Treasury Department said the money would arrive on the 15the of each month until December, unless that date falls on a weekend or a public holiday, in which case the credit will be sent on the nearest following business day.
Here are the remaining dates when families can expect to receive checks in the mail or direct deposits:
- September 15th
- October 15
- November 15
- December 15
Families who are eligible for the credit but haven’t received any checks – likely because they haven’t filed a tax return for 2019 or 2020 – can still enroll for the benefit through the enrollment tool. IRS non-filers.
What are the modification times?
Beyond the remaining payment delivery dates, there are several deadlines that families should keep in mind.
Using the IRS Child Tax Credit Update Portal, families can now change their direct deposit bank account information and mailing address, which will apply to future checks.
Updating your address can be important even if you are like 88% of families who receive money directly deposited into a bank account each month. That’s because the IRS still sends out paper correspondence regarding the credit – including the 6419 letter, which all families will need next year to reconcile the advance payments they have received.
Families can also still opt out of receiving monthly payments and instead receive the full credit on their 2021 tax return next year. For these revisions to take effect before the next payment, families must make them at least three days before the first Thursday of the month, according to the IRS.
Here are the deadlines:
- August 30 for the September 15 payment
- Oct. 4 for payment on Oct. 15
- November 1 for the November 15 payment
- 29 Nov for payment on 15 Dec.
Other updates to watch out for
The IRS and Treasury will continue to update the various portals they’ve created for the Child Tax Credit, so families should keep an eye out for new features.
In September, families who have already opted out for the advance payments will be able to re-enroll and get the remaining monthly checks, according to the IRS.
In addition, at some point in the fall, families will be able to make other adjustments that could affect the amount of money they receive, including the number of eligible children, their marital status, their income and even the amount of money they receive. custody arrangements.
These changes will ensure that each family receives the correct amount and may also save some families from having to repay part of the loan.
Families who earn more than a certain amount should be very careful. This includes those who expect their adjusted gross income to be greater than $ 120,000 for married people filing jointly, $ 100,000 for those filing as head of household, or $ 80,000 for those filing separately. as self-employed or married because they are not eligible for reimbursement protection. and may owe money to the IRS.
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