How to get Fourth Monthly Payment of Child Tax Credit?

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The 4^th monthly payment of the extended Child Tax Credit is landing in bank accounts on Friday. The anti-poverty advocates have pointed out the ongoing cash deposits as helping to decrease hardship among families across the nation. However, there are only 2 checks remaining under the current incarnation of the Child Tax Credit (CTC) after the 15^th October payment. The Biden Administration is looking to renew the extended CTC through 2025. It would provide a monthly cash child allowance to over 60 million children. But its fate may be up in the air following some pushback from legislators about the cost and structure of the benefit. Parents of about 60 million children will now receive direct deposit payments on 15^th October.

Some parents may receive the checks through the mail anywhere from a few days to a week later. Parents of eligible children under age 6 will receive $300 per child, while those with children between ages 6 and 17 will receive $250 per child. An associate professor of law at Stanford University and an expert on taxes and low-income households, Jacob Goldin issued a statement. He said, “The evidence from talking with families about how they use the money is they are spending it on savings, on utilities, on clothes and food for their kids”. Families with children ages 17 and under have experienced an immediate reduction in hardship due to the payments. The anti-poverty advocates said the checks are especially important for low-income families.

Most other government stimulus has ended at the same time, such as the cash stimulus payments and the enhanced pandemic unemployment aid. But many Americans are financially fragile as the pandemic continues. The 4^th payment date is Friday, 15^th October as the IRS sending most of the checks via direct deposit. The IRS is relying on bank account information provided by people through their tax returns or via its non-filer tool, which is designed for people who don’t normally file tax returns. The bank deposit will be labeled “CHILDCTC”. The remaining 2 payments will arrive in November and December. The CTC is a tax credit for the 2021 tax year, which means children born in the current calendar year qualify for the payments.