The monthly installment of the child tax credit is coming next week.
The expanded child tax credit is set to arrive by direct deposit on Sept. 15, followed by paper checks delivered via mail. The expanded child tax credit provides $3,600 for each qualifying child under age 6 and $3,000 for each qualifying child over age 6 but under age 18, paid in monthly installments of $300 or $250 per child. The payments started in July and will continue through December with the remaining amount claimed when filing 2021 tax returns.
Dependents ages 19-24 who attend college full-time are also eligible for a one-time $500 credit. You can see more on that here.
The advance payments are optional and some people are opting out in order to receive a larger lump-sum payment next year. The deadline to opt-out of September’s payment has passed. The deadline to opt-out of October payments – as well as those for November and December – is Oct. 4 at 9 p.m. You can do that here.
Income limitations
Payments are subject to income limitations for recipients. The advance payments will be reduced if adjusted gross income exceeds $150,000 for married couples filing jointly; $112,500 for those filing as head of household; and $75,000 for single filers or married couples filing separate returns.
For more information
The IRS has a separate site, the Child Tax Credit Update Portal, that allows people to change their number of dependents, direct deposit information or to cancel payments, you can go here.
If you need to submit deposit information, you can go here.
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