IRS Announces When You Can Expect the Child Tax Credit Payments to Start
The American Rescue Plan has helped millions of American with financial relief, and the next part of that plan is about to kick in: the child tax credit.
The Internal Revenue Service has announced the dates that checks will start to be delivered for the monthly Child Tax Credit payments (more on that below). If you have a child age 17 or under, you could be getting some money.
What's the Deal?
Here's the breakdown as reported by KCEN. For parents with children under the ages six, you'll be receiving $300 monthly checks, or $3,600 for the year.
Families will receive $250 for each child six to 17 years old, or $3,000 for the year.
These payments from the IRS should be starting on July 13, and new checks will be mailed or direct deposited into your bank account in the middle of each remaining month through the rest of the year.
What Are Some Other Qualifications?
The money is good for married couples who made less than $150,000 and filed jointly in 2020. Qualified widows and widowers will also receive the full amount. Those who filed head of household and made up to $112,500 and those individuals who made $75,000 are also eligible for the monthly payments.
Before You Start Making Plans to Spend It...
It's also important to know that only half of the money will come in these monthly payments, with the other half coming after you file your taxes next spring.
Visit the IRS website HERE for complete details.
If you have children, and qualify for the Child Tax Credit but have not done your 2020 taxes, the IRS is suggesting you file quickly in order to take advantage of the money.
Parents have the option to opt-out and take all the money at tax time next spring if they chose to. Otherwise, here are the dates payments are expected to be made either by check or direct deposit:
Thursday, July 15
Friday, August 13
Wednesday, September 15
Friday, October 15
Monday, November 15
Wednesday, December 15
Watch Your Mailbox
The IRS has already been mailing letters out to eligible families letting them know the details, with a second letter on the way with further details on what they will receive each month.
Although the American Rescue Plan is set to end at the end of the 2021 year, President Joe Biden is calling for payments to extend to 2025 with many Democrats wanting to make it permanent.
The hope is to cut child poverty and give families the financial means to provide the necessities.
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