November 12, 2021
Parents with kids under 18 – check your bank accounts. Your November monthly child tax credit will be posted on Monday.
Now – after this November payment, there’s only one more payment left. That will be issued on December 15th. The only way the monthly payment will be extended past that — is if congress passes a new law. Currently – the monthly child tax credit extension is included in the Build Back Better bill. But as of today – whether that’ll pass is anyone’s guess.
So – if you financially qualify and have a child no older than 17, and you still want to get the monthly payment money, you have two weeks go into the child tax credit portal, create an account and figure it out.
Now, if your 2021 income is less than it was in 2020 and because of that you now financially qualify for the monthly payments, you have two more weeks to change your income level in the portal. The deadline to do that is November 29.
And for those of you who have been getting the monthly payments but you really shouldn’t because you made more money in 2021 than you did in 2020 and that now makes you financially ineligible, you need to go into your portal and update your income so you don’t get a big bill from the IRS and have to pay all that money back. The deadline is November 29.
As you know – these monthly payments amount to 50-percent of your total eligible child tax credit. The other 50% can be claimed on your 2021 taxes when you file in 2022. You will receive a letter from the IRS in early 2022 to help you accurately do the math on your taxes.
Access the Child Tax Credit Portal here.
