Child Tax Credit Updates: What’s New with December’s Payments?
December payments of the Child Tax Credit are different from those received in November.
Families in the United States have been receiving their advanced Child Tax Credit payments on the 15th of every month since the second half of 2021. For the benefit of the American people, the federal government decided to make this money available in advance and payments have been made each month since July of this year.
Each child under the age of five is entitled to 3,600 dollars in total, while each child between the ages of six and 17 is entitled to up to 3,000 dollars in total. There are six monthly payments of either $300 or $250 for the other half of this amount, which will be repaid on April 20, 2022, as usual.
What will happen to the Child Tax Credit payments in December?
The Internal Revenue Service will send out its monthly installments of $300 or $250 on December 15th as usual (IRS). This month, however, is different because it is the final of these early payments. The next installment isn’t due until April 2022.
The following table shows the 2021 schedule for the Child Tax Credit advance payments:
There will be a fee of between $300 and $250, depending on the age of your child on July 15.
August 15 (PAID): Depending on the child’s age, up to $300 or $250.
Depending on the age of the child, you can earn up to $300 or $250 on September 15th (paid).
15 October (PAID): Depending on the age of the child, up to $300 or $250 can be earned.
Up to $300 or $250, depending on the age of the child, on November 15 (PAID)
Up to $300 or $250, depending on the age of your child, on December 15.
Around $1,800 or $1,500 per child in April of 2022 (depending on their age).
Parents who did not receive their Child’s Tax Credit advance payments may wonder what will happen to them now.
Opting out of these pre-employment screenings was an option available at the outset of this program. The full 3,000 or 3,600 dollars per child will be paid to families who chose not to participate in April 2022.
People who have been collecting these early checks, on the other hand, will have received half of the total by the end of December. That leaves them with just one-half of the money they need.
Currently, politicians in Washington DC are debating whether or not to extend this initiative into 2022. There is a general consensus that advance payments should remain an option, but there is disagreement about how much they should be.
In any event, a decision on the future of the Child Tax Credit advance payments is unlikely until the beginning of 2022.
Stay tuned for more updates on Market Research Journals!