Stimulus Update: What You Need To Know About Paying The October Child Tax Credit
The Child Tax Credit, which was part of the US bailout package signed by President Joe Biden in March, has already sent out three payments on July 15, August and September.
The fourth monthly payment must be deposited or sent on October 15 to the beneficiaries. Here’s what else you need to know about receiving the fourth payment and any previous payments still due:
For children aged 6 to 17, the total payment is $ 3,000 and for children under 6, $ 3,600 in total. Payments are monthly, July through December. Monthly payments are worth between $ 250 and $ 300 per eligible child.
After the October payment, there are November 15 and December 15 remaining. The rest of the amount must be claimed when parents file their 2021 taxes.
The program is considered a success and some Democrats have pushed to extend the child tax credit beyond 2022 until 2025 to be exact. According to MoneyWise, some want to make the child tax credit a permanent relief program.
Recent research from the Center on Poverty & Social Policy at Columbia University suggested that the child tax credit reduced child poverty by 25%.
Like previous rounds of dunning checks, you may have missing payments as eligible parents. According to the IRS, you must file a trace for any missing payment.