Millions of American families are noticing extra money in their check accounts this week.
The Internal Revenue Service and Treasury Departments began sending child tax credit payments in the form of direct deposits on July 15. The first batch of advance monthly payments – worth about $15 billion – have been sent to about 35 million families with 86% delivered via direct deposit.
The remainder will be sent via paper check through the mail.
The tax credit provides up to $300 per month for each child under age 6 and up to $250 per month for each child ages 6-17. Six payments are planned – starting in July and running through December. The remaining six months of payments, either $1,800 or $1,500, can be claimed when filing 2021 taxes in 2022.
According to the IRS, anyone who received a payment this month will continue to receive the funds for the rest of 2021, unless they unenroll. The payments will be sent on the 15th of each month with one exception for August. The August payment will be delivered Aug. 13th because the 15th falls on a Sunday.
The deadline to unenroll for the next payment is Aug. 2. You can manage payment information here.
To qualify for the child tax credit payments, families must have at least one child under age 18; make $75,000 or less for single filers or $150,000 for joint filers; live in the U.S. for at least six months; and live with the child being claimed as a dependent for at least six months of the year. People who make more than the income caps will see their payments reduced by $50 for every $1,000 above limits.
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July 19, 2021 at 06:22PM
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