Last Updated July 15, 2021
Child Tax Credit
The Internal Revenue Service will make its first batch of monthly payments to about 39 million families with children as early as July 15, delivering the child tax credit that Congress expanded in March. Families will receive up to $250 a month per child between age 6 and 17 and up to $300 per child under age 6, based on their ages at the end of 2021. Payments will be made either by direct deposit or by check. The payments will be made on the 15th of every month. If the 15th of the month is a weekend or holiday, the settlement date will be adjusted to the preceding business day. Unless Congress extends the program, it will expire at the end of December.
Congress expanded the child tax credit, increasing the maximum credit from $2,000 per child to $3,000 for those age 6 to 17 and to $3,600 under age 6. In addition, Congress ordered the IRS to begin regular payments of the credit, turning the lump-sum refunds during tax season into a routine benefit for 2021. Parents will get half of the credit’s full value over the course of the second half of 2021, shrinking the tax refund they would otherwise get in early 2022 with their tax refund.
For questions regarding the program such as eligibility, amounts, un-enrollment process, and distribution methods, please visit www.irs.gov and click on “Get Answers on the Advance Child Tax Credit” link.
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