Last Child Tax Credit payments of 2021 go out Wednesday: What to know
ROCHESTER, N.Y. (WHEC)— The final Child Tax Credit payments of the year, and possibly for the future, go out on Wednesday to millions of Americans.
The expansion, coordinated by the Internal Revenue Service, gives lower to middle-class families with children younger than six $300 every month. People with children between the ages of six and 17-years-old saw $250 per month. The remainder of the credit comes when you file your taxes next year.
The monthly credit release began in July.
People had until Nov.15 to opt out of the credit program. However, if you missed out on signing up for the monthly payments, you can still claim the full credit of up to $3,600 per child when you file your taxes.
When you get your payment it’ll shop up as CHILDCTC in your statement. The government says if you do go for the credits, it will not impact any other federal benefits you might be receiving (SNAP, unemployment insurance, Medicaid, etc.)
The U.S. Treasury Department reports the program has helped out families of nearly 60 million children across the country.
President Joe Biden has pushed for the credit to be extended through next year as part of his "Build Back Better" agenda. The bill tied to the agenda passed in the House, but is still awaiting a decision in the Senate.
More information can be found here. Additional resources can be found here.