(WJW) – There are two remaining Child Tax Credit (CTC) payments left.
The next payment hits on November 15 for those who have opted-in.
After that, the final payment is on December 15.
It is not too late to sign up, but you need to take action soon.
The deadline to opt-in is November 15.
If you haven’t opted in until now, you’ll be getting a big boost.
Since the payments were spread out over 6 months, those who didn’t opt-in previously can get it in one big check.
The Child Tax Credit is an advance payment program of the 2021 tax return for people who are eligible.
The payments were split over 6 months, with a portion being sent monthly, equivalent to about $300 per child.
When you file your 2021 tax return in 2022, you will need to report the amount of monthly Child Tax Credit payments you received in 2021.
All those who opted-in for any length of time will receive a letter from the IRS in January with the amounts that need to be reported.
If you want to unenroll for November and December, the deadline is November 11.
The status of the Child Tax Credit in 2022 is hanging in the balance.
If the House and Senate pass the $1.75 trillion reconciliation bill, the child tax credits would be extended for another year.