Next child tax credit deadline in just TWO WEEKS as September payments sent out

EXPERTS have warned that people have just two weeks until the next child tax credit deadline.

It comes just days after the IRS sent a huge $15 billion to American bank accounts, as part of President Joe Biden’s American Rescue Plan.

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Families who opted to be paid advance sums totaling $3,600 in 2021 are now starting to see their third monthly instalment.

The CTC payments can reach $300 per month for each child under age 6 and up to $250 per month for each child ages 6 through 17.

You will need to act quickly if you wish to opt-out of advance checks. The next deadline is October 4.

According to the IRS, if you decide to unenroll but later change your mind, it will still be possible to opt back in September’s late stages.

You can change your mind at any time, even if you miss a deadline.

Experts warn that parents who mistakenly receive advanced child tax payments for dependents who turn 18 before the end the year should opt-out of future payments.

They could be subject to tax penalties if they don’t.

“The IRS generally adjusts the age of each dependent based on the prior year’s return, either 2020 or 2019, so a taxpayer shouldn’t automatically receive the advance payment for their 18-year-old,” Mark Steber, chief tax information officer at Jackson Hewitt, toldABC10.

“But, if the IRS has made an error and sends payments to ineligible taxpayers, taxpayers should opt-out of collecting the monthly advance payments.

“If ineligible taxpayers don’t opt out and still receive these payments, they may be required to pay back the IRS.”

CNET add that if you decide to unenroll from the monthly payments this year, you still have time to have the remainder of your child tax money show up in the next tax season.

December 15th is the last payment for current child credit payments.

EXPANSION PLANS

Lawmakers are looking for ways to continue the program with Joe Biden’s temporary child tax credit expansion set to end next year.

Recently members of the House Ways and Means Committee released a proposal part of the $3.5 trillion budget that would see credits extended until 2025,Fortunereports.

But, it’s possible that the aid will be scaled back as Senators try to convince moderate Democrats.

Senator Joe Manchin, of West Virginia, said he wouldn’t support the budget in its current form.

CNN Sunday interview: He said that he supported child tax credits and was determined to help children.

“Before you start saying, is it going to be made permanent, this and that, let’s see how we’re doing this.

“Let’s make sure that we’re getting it to the right people.”