Under the advanced Child Tax Credit program, parents will receive $250 or $300 per child until December 2021, reports The Sun. Some parents could receive $600 this October.
The Reason For A Bigger Amount
Some parents did not sign up to get advance Child Tax Credit payments until this month. Therefore, they will receive a larger amount than the parents who started receiving the monthly checks from the Internal Revenue Service (IRS) in July.
So, parents who are getting their first advance Child Tax Credit payments this October will receive $600 for each child under six and $500 for each child between six and 17.
The parents who will receive a higher amount this month will likewise receive the same amount in November and December because they are supposed to receive half of the total amount that is supposed to be given to parents during the 2022 tax return.
Those eligible are supposed to get $1,800 for children under six from July through December, and $1,500 for children six to 17.
How Are Payments Sent Out
Payments get sent out to those who are eligible through direct deposit or paper checks. There is nothing else that qualified people need to do as long as the IRS has their information regarding their address and bank accounts.
Those who did not file their tax returns but are eligible for Child Tax Credit payments have until October 15 to sign-up through the IRS website.
Can You Opt Out Of The Monthly Payments And Get A Lump Sum Instead
Families who do not want to get the monthly Child Tax Credit payments and instead get a lump sum once they file taxes next year can opt-out of the program. They have to go to the IRS website and use the account management tool to opt-out of future payments. They must do this before the second of the month.