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There could be an extra $300 in your bank account

The fourth round of child tax credit payments will reach millions of families on Friday

A portion of the 1040 U.S. individual income tax return form for 2018 is pictured in New York.
A portion of the 1040 U.S. individual income tax return form for 2018 is pictured in New York on July 24, 2018. The fourth round of child tax credit payments will reach the homes of millions on Friday.
Mark Lennihan, Associated Press

The fourth round of child tax credit payments will reach millions of families on Friday.

What is the child tax credit payment?

The Biden administration approved the child tax credit payments as part of the American Rescue Plan — the $1.9 trillion coronavirus relief bill that passed Congress in March, the Deseret News reported.

  • That bill expanded the child tax credit from $2,000 per child to $3,000 for children ages 6 through 17, and $3,600 for children under 6.
  • Half of that money is being distributed in six monthly checks from July through December, while the remainder can be claimed when filing taxes for 2021, CBS News reported.

People who want to claim a bigger tax refund next year can opt-out of the monthly payments through the Child Tax Credit Update Portal, according to CBS News.

  • The deadlines to opt-out of future payments in November and December are Nov. 1 and Nov. 29, respectively, CNET reported.

When does the October child tax credit payment arrive?

On Friday, via direct deposit, millions of parents should see the monthly payment in their bank accounts.

  • Parents of children under 6 will receive a maximum payment of $300 per child, while those with children between 6 and 17 will receive a maximum payment of $250 per child, according to CBS News.
  • People eligible for the full amount include single filers earning less than $75,000 per year, heads of household earning less than $112,500 per year, and married couples earning less than $150,000 a year, CNET reported.

Parents who don’t receive a payment on Friday will likely receive their checks in the mail in the next few days.

  • Due to a technical issue, approximately 15% of families that received July’s payment via direct deposit were mailed checks in August, CNET reported.
  • Families can visit the Child Tax Credit Update Portal to check their status and see how they will be receiving the payment.

When will other child tax credit payments arrive?

According to Business Insider, the remaining payments are scheduled to arrive on Nov. 15 and Dec. 15.