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Stimulus update: 36 million families to receive payments

About 36 million families across the country will receive child tax credit payments this week. The fifth batch of advance monthly payments is worth about $15 billion, according to the Internal Revenue Service.

Direct deposit

The majority of the payments are being made via direct deposit Nov. 15. The rest will come via paper checks and this process could take several weeks. As per the provisions in the American Rescue Plan passed in March, the most eligible families will get payments of up to $300 per month for each child under age 6 and up to $250 per month for each child ages 6-17. The remainder can be claimed while filing 2021 taxes in 2022. Around $15 billion has been distributed to 36 million families, the Treasury Department and IRS said in a joint statement. The money is expected to reach some 60 million children.

Payment schedule

The first check was dated July 15, and the remaining installments are scheduled on Aug. 13, Sept. 15 and Oct. 15. The final check is set for Dec. 15. Eligible people who filed 2019 and 2020 taxes have received their payments automatically. The families who sign up now is expected to receive half of their total child tax credit on December 15. In this way, the families would get a payment of up to $1,800 for each child under age 6 and up to $1,500 for each child 6-17. However, there’s no limit on the number of children who can get the credit per family.

Direct deposit

People who wish to make a change to their child tax credit payment, including switching to direct deposit, can do that at Child Tax Credit Update Portal. The deadline for such a change is set at Nov. 29. Parents who provided the IRS with their bank account details to receive a tax refund will get the payment via direct deposit. If they haven’t provided such details, the parents will receive the money as a paper check.

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