CLEVELAND (WJW) — The next advance child tax credit payments are due out later this week.
The US Treasury Department, which has delivered over $450 billion directly to families under the American Rescue Plan, says it’s helping them put food on the table, care for their children, and stay in their homes.
Through September 15, the treasury says it’s made over 106 million payments over the three rounds of monthly payments so far, totaling $46 billion.
The advance payments have been made to the families of over 60 million qualifying children, and department says the results are already showing: Food insecurity among families with children dropped 24 percent after the distribution of the first payments in July, according to the Census Bureau.
Illinois Congressman Raja Krishnamoorthi broke down how it’s been spent.
Half the total credit amount is being paid in advance monthly payments on the 15th of each month, which started in July and ends in December. You claim the other half when you file your 2021 income tax return.
The next payment is set for this Friday, October 15. Then payments on November 15 and December 15 will follow.
You can opt out here by these deadlines:
- Payment Date: November 15 / Opt-Out Deadline: November 1
- Payment Date: December 15 / Opt-Out Deadline: November 29