Stimulus News: Child Tax Credit Payment Dates, Opt-Out Deadlines and Tax Implications
Child Tax Credit payments for September went out — but with some hiccups. Between missing and late checks to shorted money, parents are frustrated. Part of the problem is the latest portal update allowing for address changes — they take a full cycle to go into effect, which delayed September payments.
See: Expect ‘Cataclysmic’ Impact on Social Security, Child Tax Credit If Debt Ceiling Isn’t Raised
Find: Child Tax Credit Payment Schedule For 2021 – Here’s When You’ll Get Your Money
Going into October, here’s what you need to know.
If you do not want to receive any further checks, the deadline to opt-out is Oct. 4. Not sure if you should continue getting the money? Find out why it could be a good idea to unenroll here.
There is still time to qualify for the child tax credit. If you have not yet filed your 2020 taxes, you’ll want to know about these November dates. Not sure how the payments will affect your 2021 taxes? This breakdown shows what you can expect when you go to file.
While September payments may be delayed, you should have received money for July and August at this point. If you haven’t — and believe you qualify — find out what you can do here. And if you are still having trouble with the Child Tax Credit Portal, including signing up for an ID.me account, here’s some information that should help.
See: Stimulus Update: How Much Money Will You Get If You Sign Up Now For The Child Tax Credit?
Find: Spanish-Speaking Parents Can Now Sign Up for Child Tax Credit Using Two New Tools
But did the program really help? There’s evidence that in July, the Child Tax Credit payments cut the child poverty rate by 25%.
The next child tax credit payment is due to arrive on Oct. 15. With just three payments left in 2020, some politicians are making a push for this tax credit to continue. Find out more about that here.
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This article originally appeared on GOBankingRates.com: Stimulus News: Child Tax Credit Payment Dates, Opt-Out Deadlines and Tax Implications
