The fifth installment of the advance portion of the Child Tax Credit (CTC) payment is set to hit bank accounts today, November 15. This is the second to last payment of the monthly checks, as the last installment will be on December 15.
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If you have not yet signed up for the CTC, there is still time to do so , but today is your last chance. These monthly checks are unique to 2021 as part of the coronavirus stimulus relief bill, which expanded the CTC. This year, you can receive the credit regardless of whether or not you pay taxes and regardless of how little, or no, income you receive.
You can still sign up at GetCTC.org, which is the site created by the Treasury Department in partnership with Code for America in order to facilitate Child Tax Credit registration. The site is also available in Spanish and mobile friendly.
Monthly payments are distributed in amounts of $300 for each qualifying dependent child under the age of six. If you have a child aged 6-17, you will receive $250 per qualifying dependent child. Your marital status and whether or not your children live with you for at least 6 months out of the year can also determine the amount of money received each month, but over 90% of American families with children are said to qualify.
Even if you have not signed up for the prior monthly installments, you can still sign up. However, you will simply receive all the previous month’s checks in one lump sum for half of the full benefit amount. This means December’s payment will be $1,800 if you sign up in time.
For all recipients, late registrants and early recipients of monthly payments alike, the other half of the benefit will be available to claim during next year at tax time.
