The IRS says it has begun sending out letters to 36 million families who may qualify to receive monthly Child Tax Credit payments starting next month. The letters will notify families that based on their most recent tax return, they qualify for the credit and that they can expect further communication from the IRS on how to proceed with receiving the monthly payments and more.
“Families who are eligible for advance Child Tax Credit payments will receive a second, personalized letter listing an estimate of their monthly payment, which begins July 15,” reads a portion of the IRS website regarding the letters.
Related story: What to know before the Child Tax Credit portal opens in the coming weeks
The letter also contains the payment schedule for the remainder of the year which lets families known exactly when they will receive their direct deposit or when the monthly check will be issued. Those payment dates are:
- July 15
- August 13
- September 15
- October 15
- November 15
- December 15
While the letters are expected to arrive soon, the IRS has not said exactly when it will launch the planned portals that will help families determine how they want to receive the money. Those portals are expected to allow families to choose if they want the monthly payments or if they want to receive a larger tax credit on their 2021 returns when they file next year. The IRS has previously said the portals will be available by July 1.
The monthly payments are part of the expansion of the Child Tax Credit that was approved when the American Rescue Plan was passed in March. The expansion increased the value of the credit from $2,000 per qualified child per qualified family to $3,600 per child under the age of 6 and $3,000 per child between the ages of 6 and 17.
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June 09, 2021 at 10:28PM
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Child Tax Credit payment schedule released as IRS sends letters to 36 million families - MLive.com
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