Stimulus Check Update: How To Claim Your $3,200, Eligibility

The application date for both the 2021 child tax credit and stimulus payments is on Nov. 15. Those who have not filed a tax return and have so failed to claim their benefits have received letters from the IRS. The IRS must receive a 2021 tax return by the deadline from anyone who has not yet done so in order to be eligible to receive the benefits, which may total more than $3,200.

Democrats passed the American Rescue Plan in March 2021, which included funding to increase the value of the child tax credit as well as a stimulus check worth $1,400 (more for families). The child tax credit amount increased from $2,000 per child in 2021 to $3,600 for each child under the age of six and $3,000 for children between the ages of six and seventeen. Contrary to the $2,000 credit, there are no minimum income requirements, so anyone who hasn't filed a return yet should do so right away. One can consult the IRS and a website created to assist parents and guardians in understanding the child tax credit for more information.

It is important to note that taxpayers may be able to deduct the cost when they submit their tax returns for the fiscal year 2021. The tax filing period for this year, however, concluded on April 18, and the extension ran out on Oct. 17.

If you claim the credit by filing your return after those dates, you might still be able to obtain the money; but, since both deadlines have gone, the amount you are entitled to would be reduced by penalties, and your refund would be less than you had anticipated.

On the other hand, individuals who are typically exempt from filing tax returns due to their income still have until Nov. 15 of this year to utilize the GetCTC.org tool to apply for the credit as well as the third stimulus check.

 If you claim the credit by filing your return after those dates, you might still be able to obtain the money; but, since both deadlines have gone, the amount you are entitled to would be reduced by penalties, and your refund would be less than you had anticipated.