AMERICAN families who did not receive the first payment from the $3,600 child tax credit today can still claim the money or apply for the relief cash.
The IRS has launched online portals that allow families to check their eligibility for the credit and to update their information.
The portals provide the opportunity for families who did not receive the first $300 payment on July 15 to update their status so they receive the rest from the monthly automatic payments.
Families can also input their banking details to ensure that a direct deposit files the money straight to their accounts instead of waiting on a check.
Most families are eligible for the credit as long as the children are either a US citizen, US national, or a so-called US resident alien.
The children must also have lived with the person who’s claiming the credit for more than half of the tax year and be claimed as a dependent on the tax return.
This can be a son, daughter, stepchild, foster child, brother, sister, stepbrother, or stepsister, but may also be a grandchild, niece, or nephew.
CHILD TAX CREDIT REQUIREMENTS
Eligible families will get monthly pay-outs through December which total to half of the credit.
Households with kids under six will get $300 per child each month until the end of 2021.
The rest will come with tax refunds and round up the total to $3,600 per child for families with children under six.
Families with dependent children who are 17 or younger will receive $250 a week.
This will amount to $3,000 in total for each child.
Read our stimulus checks live blog for the latest updates on Covid-19 relief…
The monthly checks of $250 to $300 will start from July 15, unless you opt out.
If you do opt out, your family will then only receive the lump sum in 2022 after the IRS processes your 2021 tax return.
The full payment will arrive with your tax refund, or it could be used to offset any taxes you owe.
An online portal has been set up on the IRS website so taxpayers can get the credit when they file their income taxes and opt out of advance payments.
As of now, the credit is set to expire in 2022.
However, as part of his joint address to Congress in April, President Biden spoke about plans to expand $3,600 child tax credits until 2025.