Child tax credit: How it works
Registration for child tax credit payments was open earlier this year with payments starting in July. The registration deadline was Monday, November 15th. The payment will last through the December 2021 and will continue to 2022 once taxpayers’ 2021 return is filed.
Guardians can currently receive up to $3,000 per child between the ages of 6 and 17 and as much as $3,600 for children under the age of 6.
What’s to come: Here’s what we know
- Those registered and eligible can expect their next payment to arrive on December 15 of this year. If a paper check is expected, it may arrive after December 15.
- Families that want to opt out of the payment program before the December payment period must do so before November, 29. To update any information, including form of payment you may do so by using the Child Tax Credit Update Portal
- The current Build Back Better Act would only potentially extend the credit through 2022.
- Potentially, beginning 2026, the tax break per child may drop to $1,000 due to the 2017 tax law and the current American Rescue Plan as both laws only temporarily raised the credit’s value.