Tens of Millions Of Dollars in Child Tax Credit Is On The Way Now
If you are one of the families that qualified for the Child Tax Credit, tens of millions of dollars in checks are now on their way to your bank account NOW.
It looks like tens of millions of dollars in initial payments have been directly deposited to families in the United States who qualified for the Child Tax Credit, per the announcement from the IRS and the US Treasury Department.
What are these Child Tax Credit payments?
"Advance Child Tax Credit payments are early payments from the IRS of 50 percent of the estimated amount of the Child Tax Credit that you may properly claim on your 2021 tax return during the 2022 tax filing season. If the IRS has processed your 2020 tax return or 2019 tax return, these monthly payments will be made starting in July through December 2021, based on the information contained in that return" the IRS offers.
Who qualifies for the Child Tax Credit?
88% of American families are eligible to receive the monthly payments and most will not need to do anything to receive them. To see if you qualified for the CTC you can click the link here provided by the IRS.
The White offers, "Nearly all families with kids qualify. Some income limitations apply. For example, only couples making less than $150,000 and single parents (also called Head of Household) making less than $112,500 will qualify for the additional 2021 Child Tax Credit amounts. Families with high incomes may receive a smaller credit or may not qualify for any credit at all."
Where does this money come from?
These payments were approved as part of the stimulus package, The American Rescue Plan which totals 1.3 trillion dollars that President Biden signed into law in March.
How much can we expect from the Child Tax Credit Payment?
Variables like your income factor into whether your family was eligible for the Child Tax Credit where according to the IRS PDF on CTC, families can receive advance payments of up to $300 per month for each child under age 6 and up to $250 per month for each child age 6 and above.
If you qualified, you can expect to get a payment on the 15th of each month from July 15th, 2021 through Dec. 15th, 2021.
What if we want to see when we will receive the first check payment?
You can create and access an account portal and check payment status through the IRS page here.
Anticipating questions regarding the CTC, the IRS is offering a FAQ page on its website as well, which you can access here.