Treasury Dept. says families of 2.3 million children missing out on tax credit

PHILADELPHIA (WPVI) -- More money from the child tax credit program hit parents' bank accounts today and if you haven't claimed your credit yet, now is the time to act, according to the IRS.

On Monday, the fifth monthly Child Tax Credit payment went into bank accounts by direct deposit. The next scheduled payment is December 15th.

The credit provides up to $300 per month per child under the age of 6, for a total of $1800, and up to $250 per month per child ages 6 to 17, for a total of $1,500.

It is a huge help to everyone who qualifies.

"Think about those families who are impacted. Even $250 increase on someone's rent or someone's utilities. That's big," said Meloniece Gaskin.

The monthly payments began going out in July as part of the American Rescue Plan signed into law by President Biden.

Half of the total credit amount is being paid this year. The other half will be paid when you file your 2021 tax returns next year.

But a lot of people are leaving money on the table.

A June report by the US Treasury Department showed that families of 2.3 million children might be missing out on benefits if they haven't filed a tax return for 2019 or 2020.

However, non-filers can still register to get the credit, by going to GetCTC.org and click "File your simplified return now."

Or go to IRS-dot-gov/childtaxcredit2021.

You must register by 11:59 p.m. on November 15 to get a single lump-sum payment on December 14th for 1/2 of the total credit.

If you miss the November 15 deadline, you can still claim the entire child tax credit when you file a 2021 tax return next year.