The fourth installment of advance monthly child tax credit payments is expected to hit bank accounts this Friday, October 15.
Payments of $ 250 or $ 300 per child will be deposited into the accounts of eligible families. The total benefit is $ 3,600 per child under six, half of which, or $ 1,800, is currently paid in monthly installments of $ 300 over six months. Parents of children ages 6 to 17 are eligible to receive $ 250 per child in their monthly payments.
The other half can be claimed next year during tax season. For those who have not yet taken out credit, or generally weren’t aware of it, there is still time. The IRS has set up two online portals for people eligible to receive the benefit.
This year’s child tax credit is non-refundable, which means you won’t have to repay it. It also means that anyone, whether or not they file taxes and have an income or not, can receive the credit.
Normally, credit is only available to those who pay taxes. This year, as part of the US bailout stimulus bill, credit is available to all US families who fall below income thresholds. These thresholds are $ 75,000 and less for those who deposit only one and $ 150,000 for a joint deposit. Even couples earning up to $ 440,000 will still be eligible for benefits, albeit reduced.
The Child Tax Credit Non-Filer Tool can be found here. This tool is to be used for those who do not declare taxes, but who still wish to register for credit. All that is required is your personal information and bank details for direct deposit. No tax bill will be incurred as a result.
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This article originally appeared on GOBankingRates.com: Stimulus Update: When Will You Receive the Fourth Child Tax Credit Payment?