The second wave of monthly payments for the enhanced child tax credit hit bank accounts this week, but if you haven’t received the money yet, it’s not too late to get in on the cash.
This month’s round of direct payments totals more than $15 billion and will go to families that are raising approximately 61 million kids, according to Treasury Department figures.
First a refresher on the basics: Families who are eligible for this year’s enhanced child tax credit are receiving up advance payments of to $300 per child under age 6 and up to $250 per child between age 6 and 17. The IRS sent out millions of letters earlier this year to families, flagging their potential eligibility.
Some 11% of households with kids reported not having enough food to eat immediately before the July 15 payment, according to an ongoing Census survey. In the period right after the first CTC checks went out, the share of households with kids that said they had problems consistently getting food shrank to 8.4%
Step one: If you didn’t already do it, file your taxes or sign up for the CTC payments with the IRS’ non-filer portal. When people sign up using the non-filer tool, what they’re technically doing is completing a 2020 tax return that essentially puts them on the IRS’ radar screen. The portal is only for people making less than $12,400, or $24,800 for a married couple.
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