Christmas is officially four weeks away and many are wondering how they will be able to put gifts under the tree after a long Thanksgiving holiday. As thousands of families have gotten advanced tax credit payments over the past few months, more stimulus money is on the way.
As the Internal Revenue Service has dealt with a massive backlog of tax returns over the past year and a half due to the pandemic, they have pushed out rounds of stimulus checks and Child Tax Credit payments to families when they needed it the most. However, even with their best efforts, not everyone who qualifies has received their share of the funds.
"This credit has been expanded, it’s more money now. The child tax credit is something that has been in effect for a number of years and will continue to but just for this year, it has been expanded,” said IRS spokesperson Luis Garcia.
According to news outlets, more than 50,000 families have yet to receive their portion of up to $300 per qualifying child under the age of 5 years as well as $250 per child ages 6 thru 17 years old.
These families signed up to receive their Child Tax Credits around the original November 15th deadline, which allows for payments through the middle of December.
The payments which equal six months of back pay in one lump sum will earn you one of the following amounts:
- $1800 for one child under the age of six
- $1500 for one child up to the age of seventeen
- $3600 for two children under the age of six
- $3000 for two children up to the age of seventeen
Each additional child will receive either $250 or $300 per month multiplied by six payments up to the maximum allowable amount.
Families who have not registered may still claim the payment via the IRS portal through November 29th, or as a credit when filing their upcoming tax returns in early 2022.