|In an effort to continue stimulating the economy, the IRS will allow taxpayers who qualify for the child tax credit to receive half of the funds as equal monthly payments from July through December 2021 and the remaining half at time of annual tax filing. The IRS calculates the payment based on a person’s 2019 or 2020 tax return and will disburse payments by direct deposit if correct banking information has been provided to them. Otherwise, checks will be mailed. |
Starting July 15th, families can expect to receieve up to $300 per month for each child under the age of 6 and $250 per month for each child between the age of 6 and 17 years old. Income limits are applicable so we suggest opting out if your 2021 income will exceed the limits. Otherwise, you may owe the IRS when your taxes are filed.
You can opt out of the advanced payments, provide direct deposit information and check your eligibility on the IRS website at https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021.LEARN MORE ABOUT THE CHILD TAX CREDIT
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