Millions of Americans will notice more money in their bank accounts today.
The October installment of the child tax credit, part of President Joe Biden’s American Rescue Plan, will arrive via direct deposit today. The expanded child tax credit allows for up to $3,600 for children 5 and younger and $3,000 for those 6-17, payable in monthly installments of up to $300 per child. The payments started in July and will continue through December with the remaining half being claimed in the form of a tax credit in 2022.
The expansion also made the child tax credit fully refundable, making it available to low- and middle-income families.
The majority of the payments will arrive via direct deposit. The remainder will come via paper checks in the mail, a process that could take until the end of the month.
To be eligible for full payments, single taxpayers must have adjusted gross income of up to $75,000. For married couples who file a joint tax return, full payments are for those who earn up to $150,000. People who earn more than the salary caps will receive a partial benefit, reduced by $50 for every additional $1,000 of income.
High-income earners who aren’t eligible for the monthly payments can still claim the $2,000 per child tax credit, as long as their income is below $200,000 for single filers or $400,000 for married couples.
According to the IRS, some $15 billion was sent to some 35 million families last month with an average payment of $428.
You can see more on the payments and how to update your financial information here.
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October 16, 2021 at 03:12AM
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Stimulus update: Child tax credit payments arrive today via direct deposit - OregonLive
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