Deadline to apply for 2021 Child Tax Credit is Monday
RICHMOND, Va. (WWBT) - The deadline for the 2021 expanded child tax credit is on Monday and advocates are pushing parents to apply online with the fear that many families in the Commonwealth may miss out.
Some families began receiving those checks back in July as part of President Joe Biden’s COVID-19 relief package signed back in March but according to the Tax Policy Center, more than 53,000 kids who are eligible for the money have yet to sign up.
To be eligible for the credit a family must have a child below the age of 18. Each payment could provide up to $300 per child under the age of 6 and $250 for each child between the age of 6 to 17.
The bulk of the payments are being delivered through direct deposit and so far the IRS has sent out more than $61 billion to eligible families.
While only two more payments will be sent out on Nov.15 and Dec.15, families who register by Monday will receive a lump sum of $1,800 in December. Families will receive the rest of the $3,600 next year when they file their taxes.
According to data gathered earlier this year, more than half of Virginia families used CTC money for food and 30 percent used the money for other bills.
But this benefit could soon come to an end as the six payments were only meant to last through 2021. The program could be expanded through next year depending on when Democrats move forward with their $1.9 trillion reconciliation bill.
If you are not able to sign up for the credit by Nov.15 you can still receive the credit by filling out your 2022 tax return at the start of the year and see the full amount in your tax return.
If you would like to apply for the credit click here.
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