Child Tax Credit Update: Get $600+ Catch-Up Payments This 2021 If You File For CTC Now

Child Tax Credit Update: Get $600+ Catch-Up Payments This 2021 If You File For CTC Now
Eligible families who missed the child tax credit payments 2021 could still apply for it. IRS said families might receive increased monthly payments to catch up to CTC through the end of the year. Photo : BAY ISMOYO/AFP/Getty Images

Eligible families who missed the child tax credit payments 2021 could still apply for it. IRS said families might receive increased monthly payments to catch up to CTC through the end of the year.

Two enhanced child tax credit payments were sent out last July 15 and August 13. A third payment will go out by September 15. However, only Americans who completed their requirements would qualify and receive these payments.

Child Tax Credit Payments 2021: Eligibility and Amount

The CTC payments and budget are based on the dependents' age. The amount would be divided in half, with the first half delivered as advanced monthly payments and the second half budgeted as a lump sum to be released after completing the 2021 Tax returns. The CTC payments are as follows:

  • Ages 5 and younger: $3,600 with first-half delivered as $300 monthly payments
  • Ages 6 to 17: $3,000 with first-half delivered as $250 monthly payments
  • Age 18: $500 one-time check
  • Ages 19 and 24, full-time college students: $500 one-time check

Eligible Americans are identified through their 2019 or 2020 tax returns profile. If you have not submitted these documents, then the IRS will not process your CTC payments.

Read Also: Axie Infinity Price Prediction: Why AXS Value Could Crash Again

Child Tax Credit Update: How to File for CTC Payments

Low-income families or individuals who don't usually file their tax returns are recommended to submit their documents now. They could use the Child Tax Credit Non-filer Sign-Up tool, developed by the IRS, to submit their documents online. To use this tool, you must visit their official website and provide your:

  • Full name
  • Current mailing address
  • Email address
  • Date of birth
  • Social Security numbers (or other taxpayer IDs) for you and your dependents
  • Bank account number, type, and routing number
  • Identity Protection Personal Identification Number (IP PIN) you received from the IRS earlier this year, if you have one

Moroever, for low-income families who don't usually file their taxes, the U.S. Treasury suggested using the GETCTC.org tool

People who have already submitted their 2020 tax returns don't need to do anything to get their CTC payments. The IRS should have sent the first two CTC payments automatically through direct deposit or by paper mail.

It is worth noting that the IRS experienced system glitches recently. The glitch caused payment delays as it forced the system to send the child tax credit payments by paper mail instead of direct deposit. The delivery date might be delayed up to three weeks.

Child Tax Credit Update: Get $300+ Catch-Up Payments

According to CNBC, IRS said that CTC catch-up payments would cause increased monthly payments to late filers. The catch-up payments would take the money from July and August payments and add them to the remaining monthly payments. Here is an example:

  • If you qualify for $3,600 payments and submitted your 2020 tax returns in September, you will receive $600 monthly starting October.
  • If you qualify for $3,600 payments and submitted your 2020 tax returns in October, you will receive $900 monthly starting November

Note that the tax returns have to be submitted before Child Tax Credit deadlines on October 4, November 1, and 29 for the payments to get processed.

Related Article: Fourth Stimulus Check Update and Tracker: $2000 Online Petition, $1400 for Seniors, $600 for Californians

© 2021 iTech Post All rights reserved. Do not reproduce without permission.

More from iTechPost