Child Tax Credit Payment Schedule Is Out Now – Here’s When You’ll Get Your Money
The rollout of funds for the expanded child tax credit is expected to start July 15, and the IRS has already started sending out letters to 36 million families it believes are eligible to receive them.
See: You May Want to Opt Out of Monthly Child Tax Credit Payments – Here’s Why
Find: How to Avoid Paying Back the Child Tax Credit
According to the IRS, the letters are informing families, who based on tax returns filed with the agency, are believed to qualify for the credit.
Letters are going to families who may be eligible based on information included in either their 2019 or 2020 federal income tax return. Letters will also be going out to those who used the Non-Filers tool on irs.gov last year to register for a stimulus payment, as the tax credit is available to those who qualify who do not normally file taxes.
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The IRS stated that families who are eligible for the CTC will also receive a second personalized letter listing an estimated amount of each of their monthly payments. Most families will not need to take any additional action to receive their payments. That said, if you believe you should qualify but do not receive a letter in the coming weeks, the IRS is also setting up 2 different online portals for you to register and check existing information. If you filed your taxes with outdated information, this could be a reason why you might not receive a CTC come July, so it is best to make sure your income and number of dependents specifically are updated.
Eligible families will begin to receive payments on July 15. From then the schedule of payments will be as follows:
August 13
September 15
October 15
November 15
December 15
See: 3 Tax Credits Every Parent Should Know
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The payments will be paid via direct deposit or check. Each payment will be up to $300 for each qualifying child under the age of 6, and up to $250 for each qualifying child from ages 6-17. Other amounts and phaseout income thresholds are also available for families with children 18 and above who attend college, and for couples who make above the full income amount threshold. In order to see if you qualify, and the income limitations for each payment option, click here.
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This article originally appeared on GOBankingRates.com: Child Tax Credit Payment Schedule Is Out Now – Here’s When You’ll Get Your Money
