Millions of eligible families received another installment of advance child tax credit payments this week, according to the IRS.
The September round of checks reached about 35 million households Wednesday and had an approximate total valuation of $15 billion, an IRS news release stated. Most payments were issued through direct deposit, with the rest going out by mail through the end of the month.
Parents who qualified for the tax credit received up to $300 per month for each child ages 5 and under and up to $250 per child between 6 and 17 years old. (See the eligibility requirements here.)
The new advance child tax credits, which were signed into law earlier this year as part of the American Rescue Plan, are being paid out in monthly installments through the remainder of the year.
In addition to the Sept. 15 payment, checks were also issued on July 15 and Aug. 13. The final three batches of the year are scheduled to be disbursed on Oct. 15, Nov. 15 and Dec. 15. Eligibility for those payments was determined by 2019 or 2020 income tax return filings, as well as those who don’t typically pay taxes but signed up using the IRS’s non-filer tool.
After the December funds are distributed, the remaining half of the credit can be claimed next year on the taxpayer’s 2021 return.
The IRS notes that families who are getting their first check in September will still receive the entire amount for the rest of the year, meaning they can expect larger monthly amounts due to the payments being spread out in fewer months.
Recipients who would rather get the rest of the credit in one lump sum can still unenroll from monthly payments by going to the child tax credits update portal. That online tool can also be used to update bank account information for direct deposit, change an address, view payment history and more.
The deadline to make any changes for the October payment is 8:59 p.m. PT on Oct. 4.
The latest information on the advance child tax credit can be found here. The IRS also has a comprehensive section dedicated to answering the most frequently asked questions, which is located here.