The parents waiting to receive the next batch of child tax credit payments do not have to wait long now as their banks are going to hit with payments within a few days as the next batch amount is slated for 15 September 2021.
Parents are subjected to receive three hundred dollars for each child under six years of age. However, the families with children aged between 6-17 will receive $250 per month.
These child tax credit amounts have been sent to the families as a part of the American Rescue plan. According to the plan, families will get advanced child tax credit payments to spend on their children and to cope up with the day-to-day necessities. The advance tax credits can be used to buy essentials like medicine and groceries.
Bruce McClary, from the National Foundation for Credit Counselling, advised that parents should prefer spending the advance payments on the toxic debts. Paying the liabilities should remain their top priority.
As of July, over 35 million people have been awarded advance payments as child tax credits from $1.9 trillion which were approved by president Joe Biden last spring. Parents will receive the third payment on 15th Sep as the next scheduled payments will head out on Oct 15th, Nov 15th, and Dec 15th.
These payments will be received till Dec 2021 and the rest will be issued when parents file their 2020-21 tax returns in May 2022. The activity is performed to help struggling families paying utilities and bear everyday expenses. However, it is also possible to opt-out of the advanced payment option and receive the lump sum amount together with the rest.
Moreover, many unfortunate parents are still looking forward to receiving their first check. Due to the system glitch, the IRS has told parents to make the most of the IRS portal and attempt to sign up as non-filer from the online portal so their tax history could be reviewed.
IRS officials also stated that they have encountered a large number of scams making calls and asking for your information to get you your child tax credit if you have not received it yet. IRS officials urged Americans to beware of these scams and look for the typo error that these scams may usually have.