The ultimate child tax credit payment is set to go to millions of families – and how much you get can depend on many factors.
The child tax credit, worth up to $3,600 per child, has been in monthly installments since July.
Although not people are taking advantage of them, in just the first month helped lift 3 million children out of poverty, according to a Columbia University study.
To qualify for the full payments, couples need to earn less than $150,000 and single parents applying as head of household need to earn less than $112,500.
Below, we outline a few different scenarios and explain how much money your family might receive, with payments due by December 15.
$300 per child
Since the child tax credit payments are split into six monthly installments, that means you get $300 for each child under the age of six.
So if you have two children under the age of six, that means you will get $600 this month.
This should come as no surprise to some of those who have been receiving payments since July.
$250 per child
Families with children aged six to 17 will receive $250 per child.
And if you have two kids in that age range, that means you’ll get $500.
If you have one child under the age of six and another between the ages of six and 17, you will receive $550.
Up to $1,800 per child
Families that will claim the payments for the first time will receive $1,800 for each child under six this month.
For each child between the ages of six and 17, families will receive $1,500.
If you have two children under the age of six, you will receive $3,600. And if you have one child under the age of six and one between the ages of six and 17, you’ll get $3,300.
If you don’t use it in time, you’ll regret missing out and will have to wait until next year after you apply Tax.
If you first started claiming last month, you’ll get up to $900 per child.
Who will get the smaller payments
Meanwhile, some can get smaller payment – because they were given a little more than they should have in an earlier payment.
In September, there was a glitch that cost families over $31.25 per child aged six to 17 and $37.50 per child under six.
This affects about 2% of recipients, which is about 700,000 families.
The IRS says “Some of these circumstances” will receive slightly smaller payments for October, November, and December to adjust for the overpayment.
This results in approximately $10 to $13 per child in monthly payments for October, November, and December.
So if this affects you, your family will shrink a bit in December.
After this payment, you will receive the remaining amount you owe on your tax return.
For most families, this will go up to $1,800 per child, assuming you start receiving your first payments in July.
We explain if any pay the child tax credit next year.
We explain how some families with children under 13 can get surprise stimulus payments up to $8,000.
Plus, see all cities and states provide stimulus checks and other payments before Christmas.
We pay for your stories!
Do you have a story for the American team The Sun?
https://www.the-sun.com/money/4240289/child-tax-credit-payment-how-much/ Final child tax credit payment amount explained