The child tax credit is one of the benefits that came from the American Rescue Plan signed into effect in March by President Joe Biden. After the first payment was sent out to eligible parents with co-dependents in July — August, September, and October payments have followed.
In November the fifth payment will go out, and here’s what you need to know about the payment and any missing previous payments.
The fifth payment should be deposited into the bank accounts of eligible parents on Monday, Nov. 15. For parents with children ages 6-17, the child tax credit monthly payment is $250 and will total to be $3,000. For parents with children under the age of 6, the monthly payment is $300 and will total to be $3,600.
With Nov. 15 being the fifth payment, only one more monthly payment is left and will go out on Dec. 15. Though, the rest of the $3,000 or $3,600 payments will have to be claimed when qualifiers file their 2021 taxes.
The child tax credit program is being regarded as a success. As PennLive previously reported, some Democrats are advocating for the child tax credit program to extend until at least 2025, while some believe it should be a permanent program.
Even with successes, there are errors — just like with the three rounds of federal stimulus checks. Hence, some parents might be missing payments. In these cases, they can file a trace with the IRS.
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