THE next round of child tax credit payments are scheduled to start reaching desperate Americans in just two days.
More than 30million households are expected to receive the stimulus cash, worth up to $300 per child, from September 15.
The tax credits were expanded from $2,000 to $3,600 earlier this year by Joe Biden as part of the American Rescue Plan.
Families with kids under the age of six will receive $300 per child, meanwhile, the amount is $250 for children aged between six-17.
Payments will be sent either by direct deposit or paper check.
Read our child tax credit blog for the latest news and updates…
SHOULD YOU OPT OUT? (continued)
Opting out would also be a good idea if you know for certain that your household’s circumstances or tax situation will change and want to avoid updating your account information in the IRS portal.
This could be the case for separated, divorced or unwed parents who alternate custody of a child.
Lastly, if you are concerned the IRS might send you an overpayment based on old tax information, and you don’t want to worry about paying any of that money back.
This would be the case if your household income went up or if a dependent is ageing out of an age bracket before the end of 2021.
SHOULD YOU OPT OUT?
While it’s too late to opt out of this week’s check, there is still time to make changes to your account before the…