Child Tax Credit Payment Schedule: Here’s When To Expect Checks
For those who choose to take the monthly advance on their child tax credits, these are the dates that the IRS says each payment will be made.
The Internal Revenue Service has published dates he would disburse monthly child tax credit payments made as part of the US bailout.
The monthly payment will be $ 300 for each child under six (or $ 3,600 for the year) and $ 250 for each child between the ages of 6 and 17 (or $ 3,000 for the year). Married taxpayers who earned less than $ 150,000 in 2020 and jointly filed a return will receive the full amount, as will eligible widows and widowers. The full amount will also go to heads of households who earned up to $ 112,500 and people who earned up to $ 75,000. The amount will be phased out thereafter.
Half of the money will come in these monthly payments. The other half will come after taxes are filed next spring.
Unless the parents opt out and take all the money at tax time, monthly payments will be sent to eligible families by direct deposit or check on the following dates.
- Thursday July 15th
- Friday August 13
- Wednesday September 15th
- Friday, October 15
- Monday November 15th
- Wednesday December 15
An online portal for this is expected on July 1 that will allow parents to opt out of monthly payments, and there will be a Spanish version.
The IRS said it has started sending letters to 36 million U.S. families it has identified as eligible for monthly payments. These people were identified either through their 2019 or 2020 tax returns or by using the Non-Filers tool last year to get their COVID stimulus checks.
A second personalized letter will notify parents of the estimated amount they will receive per month, the IRS said.
The hope is that the monthly payments will help low-income parents pay for necessities like food, clothing, and other childcare needs as they go, reducing child poverty.
This monthly payment only lasts until 2021. As part of his American plan for families, President Joe Biden is asking that it be extended until 2025. Several Democrats in Congress want it to be permanent.
The child tax credit is not new. Eligible parents this tax season received $ 2,000 from the government for each eligible child. The novelty is the monthly payment and the increase in the total amount.