CLEVELAND (WJW) – The next advance child tax credit payments are due out later this week.
Through Sept. 15, the U.S. Treasury Department said it has made over 106 million payments over the three rounds of monthly payments so far, totaling $46 billion.
The advance child tax credit payments have been made to the families of over 60 million qualifying children, and the department said the results are already showing: Food insecurity among families with children dropped 24% after the distribution of the first payments in July, according to the U.S. Census Bureau.
Half the total credit amount is being paid in advance monthly payments on the 15th of each month, which started in July and ends in December. Families will claim the other half of the credit when they file their 2021 income tax returns.
The next payment is set for this Friday, Oct. 15. Then payments on Nov. 15 and Dec. 15 will follow.
If you’d prefer to opt out of the advance payments, you can do so here by these deadlines:
- Payment Date: Nov. 15 / Opt-Out Deadline: Nov. 1
- Payment Date: Dec. 15 / Opt-Out Deadline: Nov. 29
The Treasury, which has delivered over $450 billion directly to families under the American Rescue Plan, said it’s helping people put food on the table, care for their children, and stay in their homes with the payments.