This week, an estimated 3 million families across Florida will begin receiving their third round of payments as part of the American Rescue Plan’s child tax credit program.
Here is some key information about the upcoming payout:
When will I receive my child tax credit?
Beginning on Wednesday, September 15th, families will be provided between $250 to $300 a month per child until the end of the year in an effort to provide relief to families during the COVID-19 pandemic.
Anyone who get their refunds from the IRS through direct deposits in their bank account on the 15th of every month until the end of 2021. They will then receive the remainder of their child tax credit in April 2022 after filing their taxes.
For those who qualify for the credit, you can check the status of a payment here.
Child Tax Credit
How much am I eligible to receive?
The American Rescue Plan increased the child tax credit from $2,000 per child to $3,000 for children ages 6 through 17, and the credit is $3,600 for children under six.
According to the Rescue Plan, to receive the full credit, joint income households must make less than $150,000 a year and the heads of households must make less than $112,500. Single-parent households have to bring in less than $75,000.
Can I receive one lump sum payment instead of a monthly credit?
Yes. Some parents may opt to receive the credit in one lump sum. If that’s the case, they can choose to opt out of the monthly payments through the IRS online portal, with the next deadline to unenroll falling on October 4th.
This portal can also be used to change your address, update your bank account information for direct deposit, and view your payment history, among other things.
What can I do if I am eligible for the child tax credit, but have not received it?
If an eligible person finds their credit was issued, but never received the payment, they should double check that their address and bank account information listed with the IRS is correct. If it is, the IRS then recommends requesting a trace to track the missing payment.
For more information about the American Rescue Plan Child Tax Credit click here.
Editor's note: An earlier version of this article said September 15th was Thursday. We apologize for the error.