Advance Child Tax Credit Payments

Beginning July 15th, eligible parents will receive monthly payments in their accounts from the Child Tax Credit. As part of the American Rescue Plan, parents will receive half of the total Child Tax Credit amount in advance by the IRS and accept the other half when they file their income tax returns.

How much am I eligible to receive?

Parents with children under the age of 6 are eligible for up to $3,600 per child, or $300 each month. Parents with children ages 6-17 are eligible to receive up to $3,000 per child or $250 each month with advanced payments.

Who is eligible?

Parents with a minimum of one child under the age of 17 and who have a valid Social Security number are eligible if they meet income requirements. Those with gross incomes below the following levels qualify for the total monthly payments:

  • $75,000 for individual taxpayers

  • $112,500 for heads of household, such as unmarried single parents

  • $150,000 for married taxpayers filing jointly, and widows/widowers

If your income is more than the maximum income to qualify for the year, your tax credit will be reduced by $50 for each $1,000 of your gross income earned.

Visit the IRS Advance Child Tax Credit Eligibility Assistant to verify if you qualify.

How & when will I receive Advance Child Tax Credit payments?

You will receive all advance Child Tax Credit payments either by direct deposit or by check. Scheduled payments are set for each month of the remaining 2021 year: July 15th, August 13th, September 15th, October 15th, November 15th, and December 15th. For now, the advance payments are currently set to end in December of 2021.

Should you opt-out of the monthly payments?

You may wish to unenroll (or opt-out) of monthly payments if you expect to owe taxes when you file your 2021 tax return. Additionally, if your eligibility changes and you do not opt-out of the advance payments, you may owe a balance when you file your return. You may also choose to unenroll if you prefer to claim the entire credit when you file your 2021 tax return.

*Families (spouses) must opt-out of the advance payments using the IRS online portal. *

 

For more eligibility information, claiming full credit when filling 2021 tax returns, additional Child Tax Credit questions, and more, visit Advance Child Tax Credit Payments in 2021 or IRS.gov.

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