Beginning July 15th, nearly all working families will automatically receive their Monthly Child Tax Credit Payments, but here’s some information about this substantial tax relief, who qualifies, and how much to expect in the coming months to make sure you don’t leave any money on the table.
How Much Are the Child Tax Credit Advance Monthly Payments?
The American Rescue Plan expanded the Child Tax Credit to up to $3,600 per child for children ages 0 to 5 and $3,000 per child for children ages 6 to 17.
These payments will hit bank accounts starting July 15th, and qualifying families can get up to:
- $300 a month per child for children ages 0 to 5.
- $250 a month per child for children ages 6 to 17.
- Families will get their remaining expanded Child Tax Credit when they file their 2021 tax return.
Who Qualifies for the Child Tax Credit Advance Monthly Payments?
Families will qualify for a full credit if their income is below $75,000 for single filers, $112,000 for people filing as head of household, or $150,000 for people who are married and filing jointly.
To be eligible, children must:
- Have a Social Security number;
- Live with you for at least half of the year;
- Be under the age of 18 as of December 31, 2021; and
- Be claimed on your tax return.
How Do I Get My Payment?
Nearly all families should get their monthly payments automatically beginning July 15th with no further action required. If you have filed tax returns for 2019 or 2020, or if you signed up to receive a stimulus check from the Internal Revenue Service (IRS), you will get this tax relief automatically.
Families who did not file a tax return for 2019 or 2020, and who did not use the IRS Non-filers tool last year to sign up for the Economic Impact Payments, should go online and use the IRS Child Tax Credit Non-filer Sign-up Tool to ensure you receive your payments.
Families who got their refunds from the IRS through direct deposit will get these payments in their bank accounts around the 15th of every month until the end of 2021. People who do not use direct deposit will receive their payments by the mail around the same time.
Families will be able to determine their eligibility, check the status of their payments, and more at IRS.gov/childtaxcredit2021 later this month.
Please Watch Out for Scams
The IRS emphasized that the only way to get either of these benefits is by either filing a tax return with the IRS or registering online through the Non-filer Sign-up tool, exclusively on IRS.gov. Any other option is a scam.
