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Child Tax Credit Deadline Looms

11.02.2021 - Oneonta, New York

Families with children who have not received advanced child tax credit payments under the American Rescue Plan have until November 15, 2021 to sign up. This tax credit provides families with half of their child tax credit payments in 2021 via monthly payments of $300 for children under age 5 and $250 for children up to age 17. The second half will be received in 2022 upon filing tax returns.

There is no action required for households who have children and have already filed taxes for 2019, 2020 or signed up to receive a COVID stimulus check from the Internal Revenue Service (IRS). Families who do not file taxes or have no recent income can still receive the full credit amount by visiting www.GetCTC.org. Anyone who has a child with a Social Security number in their household can receive the credit, even if they do not have one themselves.

“The advanced child tax credit is not only essential to supporting families, but is estimated to cut childhood poverty by 36% in New York State.”, said Daniel Maskin, CEO at Opportunities for Otsego. “I encourage all families with children in Otsego County to determine if they are eligible and sign up to get their full credit.”

Families who are already eligible for and receiving payments based on their 2020 tax return can use the IRS Child Tax Credit Update Portal to update their family status, marital status, income, number of dependents and bank information.

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