Parents have come to expect to receive monthly payments from the expanded child tax credit, but for August, the payment will be issued on a different date than usual.
Last month, the credit was paid on July 15, and subsequent payments will be made on the 15th of the month for September, October, November and December.
But August’s payment will come on the 13th because the 15th is a Sunday.
The full credit is $3,600 per child up to age 6, or $300 a month, and $3,000 per child ages 6 to 17, or $250 per month.
To be eligible for the full monthly payments, single taxpayers must have adjusted gross income of up to $75,000 and married couples who file a joint tax return and must have income up to $150,000. People who earn more get a partial benefit until it phases out, going down by $50 for every additional $1,000 of income.
Those who are not eligible for the higher amounts can still claim $2,000 per child — the previous amount available — as long as adjusted gross income is below $200,000 for singles and $400,000 for those married people who file joint returns.
In all, parents will get half of the total credit in monthly installments from July through December, and they can claim the rest of the credit when they file their 2021 tax returns.
You can opt out or update your banking information by using the IRS’ Child Tax Credit Update Portal.
The deadline to stop payments is 11:59 p.m. on each date:
- Aug. 30 for the Sept. 15 payment
- Oct. 4 for the Oct,. 15 payment
- Nov. 1 for the Nov. 15 payment
- Nov. 29 for the Dec. 15 payment
The deadline to stop the August payment has already passed.
The IRS calculated your eligibility for the payments based on your most recent tax return or information you entered into its IRS’ Non-Filers tool last year.
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Karin Price Mueller may be reached at KPriceMueller@NJAdvanceMedia.com.
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