More stimulus money dropped last week as the latest payment from the American Rescue Plan Act was doled out to parents across the country.
The legislation beefed up the nation’s child tax credit to $3,600 for every child below the age of six, and $3,000 for children ages 6-17. These credits began hitting parents’ bank accounts through direct deposit or mailboxes via written checks in July, and the monthly installments continue through the end of the year.
Tax credit eligibility is based on income and family status.
Additionally, if you opted out of the advanced payments, you won’t get the money until you file your 2021 taxes.
There is currently no legislation in place to make the tax credit permanent, so unless that happens, the final payments will arrive in December. After that, the credit will revert once again to a refund that can be filed for at tax time.
The most recent payment was sent out on October 15. If you are eligible for these payments but have not received them, you can still file for them when you file your 2021 tax return early next year.
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