How many child tax credit payments are left? Important dates parents should know - CNET

Expect a few more payments this year as well a payout next spring. 

Sarah Tew/CNET

We're almost halfway through the monthly child tax credit payments. With the next check coming on Sept. 15, the IRS will have sent three checks so far, leaving three more to go by the end of 2021. Remember that the IRS is sending half of the total amount that you qualify for in advance this year, divided into six monthly installments, and you'll receive the other half of what you're owed when you file your taxes in 2022. 

The IRS has a collection of online tools that you can use to manage your monthly payments and check on their status. There are also key deadlines each month that you'll need to hit if you want to make any changes before the next payment arrives. For example, the deadline to update your personal details before the September check is by 9 p.m. PT on Aug. 30. This is the same deadline if you want to opt out of the remaining advance payments and defer getting that cash until next year. 

Accessing the online Update Portal today will also allow you to verify your direct deposit info and mailing address. Unfortunately, you can't yet add more dependents through the portal, but we'll keep you posted when that option is available in the next several weeks. Read on to help mark your calendar for future payment dates and deadlines. We can also give you three reasons you may want to unenroll from the monthly payment program this year and what to do if you've received the wrong payment amount.

When do child tax credit payments run out this year?

Counting September's batch, the IRS has four more rounds of payments to send to those who qualify. The IRS has sent more than $30 billion in the July and August rounds of payments, and 80% of those were direct deposits; the rest went out as checks in the mail. 

Here are the dates to keep track of for the September through December payments and then the one in 2022:

• Sept. 15
• Oct. 15
• Dec. 15 (last payment of 2021)
• Tax season 2022 (remainder of money due)
  

When will the remainder of the credit arrive next year?

After you receive whatever payments the IRS sends you this year, the remainder of your money will come with your tax refund in 2022, after you file your tax return next tax season. While the IRS did extend the 2020 and 2021 tax seasons due to the pandemic, you typically have from the end of January to April 15 to file.

How much will the final child tax credit payment be?

To help you file your taxes next year and either claim whatever amount the IRS still owes you or -- much less likely -- repay money you received but didn't qualify for, the IRS will send you a letter in January 2022 with the total amount of child tax credit money you received in 2021. You'll use information from this letter, which the IRS is calling Letter 6419, when you file your tax return.

What are the deadlines to opt out of child tax credit payments?

If, for whatever reason, you decide to unenroll from the monthly payments this year, you still have time to have the remainder of your child tax credit money show up next tax season. You may decide to unenroll, for example, if you think you may need to pay back money when you file your taxes in 2022.

Note that the IRS opt-out deadlines are about two weeks ahead of the payment dates. If you miss one deadline for a round of checks, your changes will take effect with the next round. And these are the same deadlines you need to hit for making other changes to your account, such as adding your banking information or changing your mailing address. While the Update Portal doesn't yet allow you to make changes to your income, marital status and number of dependents, you should be able to do so before the October payment. 

The IRS said if you unenroll and then change your mind, you'll be able to opt back in sometime in late September. Here are the remaining dates by which you would need to unenroll.

• Aug. 30 (for September payment)
• Oct. 4 (for October payment)
• Nov. 1 (for November payment)
• Nov. 29 (for December payment)
  

For more, here's everything you need to know about child tax credit requirements and dates and what to do if you need to track down a missing payment. Here's also what we know about what the spending bills making their way through Congress could mean for you.

Adblock test (Why?)

"Many" - Google News
August 29, 2021 at 10:00PM
https://ift.tt/3kC4tbs

How many child tax credit payments are left? Important dates parents should know - CNET
"Many" - Google News
https://ift.tt/2QsfYVa
Shoes Man Tutorial
Pos News Update
Meme Update
Korean Entertainment News
Japan News Update

Bagikan Berita Ini