Stimulus Update: Missed Out on the Child Tax Credit? You Have Until Nov. 15 to Sign Up Online

It's an opportunity you don't want to pass up.

The boosted Child Tax Credit was a true lifeline for parents last year. Normally, the credit maxes out at a value of $2,000 per eligible child. But last year, the maximum value of the credit rose to $3,600 for children under the age of 6 and $3,000 for children aged 6 to 17.

Not only did the credit become fully refundable in 2021 (whereas normally, the most it can do is reduce your tax liability to $0), but half of it was made available to recipients in advance in the form of monthly installment payments. Those payments hit bank accounts from July through December.

Some parents who were eligible for the credit, however, did not receive their money last year. If you're in that boat, here's some good news. You can still sign up to get your boosted Child Tax Credit payments online -- but you'll need to move quickly, before a dedicated portal shuts down.

Don't delay

These days, many families are having a difficult time making ends meet due to soaring inflation. And so a cash windfall might come in really handy right about now.

If you didn't receive any payments for the boosted Child Tax Credit last year, then you shouldn't hesitate to sign up online. All you need to do is go to GetCTC.org, input your information, and wait for your Child Tax Credit payments to arrive.

That said, the portal to sign up for Child Tax Credit payments online will close on Nov. 15. And once that happens, claiming those payments becomes more difficult (though not necessarily impossible, because you may be able to file a late tax return for 2022 and claim your payments there).

Some families could be in for a giant payday

It's estimated that a good 4 million people who were eligible for Child Tax Credit payments still hadn't claimed their money as of the end of 2021. And a big part of that may stem from a lack of knowledge about eligibility.

Not only can parents use the above tool to claim their Child Tax Credit payments, but they can also register to receive a stimulus check if they didn't get one in 2021. In March, lawmakers approved a third round of stimulus checks worth up to $1,400 apiece.

Meanwhile, some experts say that parents who didn't receive their Child Tax Credit payments could be due a sump lump in excess of $10,000. For low earners, that's a life-changing payday.

Get the money that's yours

You may be wondering if you're able to claim the Child Tax Credit if you weren't required to file a tax return in 2021 or 2022 due to having low income. And the answer is yes. So if you think you're due that money, act quickly to get the windfall you're entitled to.

You should also know that receiving a payment for the Child Tax Credit won't interfere with other public assistance you may be getting, like housing or food benefits. The boosted Child Tax Credit was specifically designed to not limit eligibility for these types of programs, so you should feel comfortable going after the money that's rightfully yours.