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Here's when you can expect the October child tax credit payment.
Here's when you can expect the October child tax credit payment.
The IRS is preparing to distribute another round of advance child tax credits this Friday.
Last month, about 35 million American households received payments either by mail or direct deposit, according to the revenue service.
And to date, more than 106 million payments have been made, totaling $46 billion, according to the U.S.
Treasury Department.
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The October installment marks the fourth of sixth monthly payments of the advance tax credit, with the last two set to be issued on Nov.
15 and Dec.
15.
Taxpayers can claim the last half of the credit on their 2021 tax return.
Under the program’s expansion, eligible parents are getting a monthly tax credit of up to $300 per qualifying child under the age of 6, and up to $250 per qualifying child between 6 and 17 years ago.
Eligibility is determined through either the parent’s 2019 or 2020 income tax return filing, or — for those who don’t typically pay taxes— the IRS’s non-filer tool.
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