As you may have heard by now, The Child Tax Credit offering monthly cash payments to parents is on it’s way. So, when will you get your money?
Well, The Child Tax Credit Payment Schedule Is Here. Here’s When You’ll Get Your Money.
The IRS recently announced that they are ready and on schedule for the July 15, 2021 deadline meaning, the first cash payment to eligible households will go out on this day.
The Child Tax Credit offers a maximum credit in 2021 of $3,600 for children under 6 and $3,000 for children between 6 and 17. Previously, the maximum tax credit was $2,000 per child under 17.
This means that from July 2021 – December 2021 you can get up to $300 per month for children under 6 and $250 per month for children 6-17 years of age. The rest will be applied to your 2021 taxes during tax season in 2022.
The IRS is currently in process of sending out letters to those eligible for the credit.
Now, starting in the next few weeks, the IRS will have 2 payment portals set up where you can check to ensure your information and household eligibility is correct. You will also be able to opt-out of the monthly payments.
Should you choose to receive the monthly cash payments, 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
So, you can expect a monthly cash payment for each child on the 15th of every month July – December.