Child Tax Credit Payment Schedule For 2021 — Here’s When You’ll Get Your Money
The rollout of funds for the expanded child tax credit began on July 15, with the IRS sending out letters to 36 million families it believed to be eligible to receive them. Families can expect the next payment to roll out on August 13.
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
The letters went out to families who may have been 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.
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 still have not received your letter within the next week, 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 If you filed your taxes with outdated information, this could be a reason why you haven’t received a CTC this month, so it is best to make sure your income and number of dependents specifically are updated.
Eligible families began to receive payments on July 15. The schedule of payments moving forward will be as follows:
August 13
September 15
October 15
November 15
December 15
See: What To Do If The IRS Child Tax Credit Portal Isn’t Working
Find: Do I Have to File Taxes? 3 Times You Can Skip It
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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Last updated: August 10, 2021
This article originally appeared on GOBankingRates.com: Child Tax Credit Payment Schedule For 2021 — Here’s When You’ll Get Your Money
