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The Internal Revenue Service (IRS) and the Department of the Treasury reported that millions of families will receive tomorrow the penultimate round of the advance payment of the Child Tax Credit for the month of November, the last payment of the year is December.
According to both federal agencies, more than $ 15, 000 millions of dollars were sent to families of approximately 61 million children corresponding to October. Eligible families have received a total of $ 61, 11 million dollars since the first payment , released in July.
Most of parents or guardians who have qualified for this tax credit automatically get the $ 300 dollars for each child as long as they are six years old or $ 250 dollars for each minor between the ages of six and 17 years. The IRS is scheduled to send final payment on 15 from December.
Points to consider for this fifth round of payment
1. Most of the beneficiaries will have the payments via direct deposit in their accounts as of tomorrow 15. The vast majority of families will receive direct deposit support.
2. Those who receive payments by physical check, should take into account that, probably, the postal service will deliver it and it may take until the end of November .
3. Those who receive payment by conventional check, but now want it to be by direct deposit, to receive the last round of the year in December in that way can make this change using the Child Tax Credit Update . It is important to make the change before 11: 59 pm ET on 29 November .
4. Payments will go to eligible families who filed an income tax return of 2019 or 2020. Returns processed through November 1 are reflected in these payments.
5. Payments are automatic, in addition to filing a tax return, including a Non-Tax Registration Tool statement, families do not have to do anything if they are eligible to receive monthly payments.
6. Families that did not receive a July, August, September and October payment and are receiving their first monthly payment this month, will still receive the full amount of their advance payment for the anus. This means that the total payment will be spread over two months, instead of six, increasing each monthly payment.
7. Low-income families who are not receiving payments and have not filed a tax return can still get the payment, to do so must register at the IRS portal tomorrow before 11: 59 pm ET.
8. Families who register will receive half of their total child tax credit receiving the 15 from December. Payment could be up to $ 1, 800 dollars for each child under the age of 6, and up to $ 1, 500 dollars for every 6 age of the child to 17.
Those who receive this amount should know that it is the same total amount that most of the other families have been receiving throughout the six rounds of monthly payments which started in July .
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