| Families not signing up for child tax credit now will have to wait until next year to get money | | |  | WED, OCT 27, 2021 | | | | The child tax credit was created to assist families that have struggled during the pandemic, especially people with kids.
While millions of American families have received billions in benefits, sadly many have missed out on the opportunity to receive this important financial assistance.
For those families that still haven't signed up for the child tax credit benefit, the clock is ticking.
The deadline to sign up for monthly child tax credit payments is Nov. 15. By missing that deadline, families will have to wait until next year to get any money.
To that point, after December, families will have to file a tax return and wait to get the entire child tax credit as a refund from the IRS. On the other hand, families claiming the credit now will get cash up front and receive the second half when they file 2021 taxes next year.
The American Rescue Plan signed into law by President Joe Biden is giving $300 per child under 6, and $250 per child between 6 and 17, each month through the end of the year. The child tax credit advance program expanded the $2,000 annual tax credit, making it a total $3,600.
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