Millions of families should soon receive their fourth enhanced child tax credit payment, which the Internal Revenue Service is scheduled to distribute on Friday.
About $15 billion was sent to roughly 35 million families last month. The average payment to the parents, who had 60 million children, was $428.Most parents automatically get the enhanced credit of up to $300 for each child up to age 6 and $250 for each one ages 6 through 17. The IRS is scheduled to send two more monthly payments in 2021.
New child tax credit payments are going out. Here's how the IRS is trying to make sure the neediest families don't miss outRead MoreLow-income households may not get the payments if they did not file 2020 or 2019 tax returns or if they didn't use the IRS tool to claim their coronavirus stimulus checks. As many as 2.3 million children may be in families who have not filed recent returns, according to the Treasury Department.
Expanding the child tax credit was a Democratic dream come true -- but it could be on the chopping blockThe Democrats' $3.5 trillion budget reconciliation package seeks to extend the credit through 2025 and make it fully refundable permanently. However, these provisions could be at risk as lawmakers seek to reduce the cost of the bill.
Monthly child tax credit payments may mean a big tax surprise in the spring for some parentsSome parents may not want to get the monthly payments, particularly if their incomes increase this year. The payments are credits toward families' tax liability for 2021 but are based on 2020 or 2019 income and household size. Some who get the advance credits could wind up receiving much smaller refunds -- or even owing taxes -- next spring when they complete their 2021 returns.
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