Over the past two months, well over thirty-five million American families have been able to enjoy their recurring monthly checks from the expanded child tax credits that were approved under President Joe Biden’s American Rescue Plan.
Due to that highly ambitious stimulus bill, eligible households can now collect as much as $3,600 per year for a child under the age of six and up to $3,000 for children between ages six and seventeen. The total figures amount to a $250 or $300 cash payment per child each and every month through the end of the year.
Meantime, take note that the remaining dates that families can expect the funds are September 15, October 15, November 15, and December 15. Keep in mind that for this current month, the payment was made on the thirteenth because the usual pay date of the fifteenth fell on a weekend day.
However, know that there is an array of options available to eligible parents regarding how they want to be paid or to opt-out altogether, which could make them potentially eligible for a one-time lump sum check during the next tax season.
These changes must be made known to the Internal Revenue Service by a certain date to take effect the following month. These are the deadlines: August 30 for September 15 payment, October 4 for October 15 payment, November 1 for November 15 payment, and November 29 for December 15 payment.
As for families who have yet to see their checks land in their bank accounts, they should make sure to take advantage of the Non-filer Sign-up Tool that will give the tax agency the necessary information—such as a valid address and routing and bank account numbers—to promptly disburse the money.
The IRS also recently launched a brand-new feature that enables any eligible family to update their mailing address using the Child Tax Credit Update Portal, which can be found on IRS.gov. Moreover, it can be used to change their bank account information for any future direct deposits.
“This feature will help any family that chooses to receive their payment by paper check avoid mailing delays or even having a check returned as undeliverable,” the IRS notes in a press statement.
If an individual chooses to change their mailing address on the portal, then “the IRS will use this updated address for all future IRS correspondence so the address change feature can also be helpful to taxpayers that are receiving payments by direct deposit.”
The agency added that future enhancements to the portal will likely include being able to add or remove children, report a change in marital status, and report a significant change in income.
Ethen Kim Lieser is a Washington state-based Science and Tech Editor who has held posts at Google, The Korea Herald, Lincoln Journal Star, AsianWeek, and Arirang TV. Follow or contact him on LinkedIn.