Next Round of Child Tax Credit Payments Deposited into Bank Accounts Today

The next round of monthly Child Tax Credit payments is scheduled to go into the bank accounts of tens of millions of families today. Last month, more than 61 million children benefited from the payment and over $15 billion was sent to families according to the Treasury Department. Eligible households have received a total of more than $61 billion since the first payment in July. Most parents automatically qualify for up to $300 for each child up to age 6 and $250 for each ages 6 to 17. The IRS is scheduled to send out the final payment next month.

The IRS also recently added a feature to their website for families to update their estimated income for the year as some families likely are receiving larger payments than they are entitled to which could mean smaller refunds or even owing taxes when they complete their 2021 returns. Low income families who did not submit a tax return in the last two years have until today to claim their tax credit payments and those who miss the deadline can still claim the credit of up to $3,600 per child in they file a return for 2021 next year.