IRS to start sending Child Tax Credit payments
With the deadline to file taxes set for June 15, 2021 in the state of Texas, qualifying families who filed their taxes can expect the IRS to start sending automatic Child Tax Credit checks of up to $300 dollars per child for the next 12 months.
This additional Child Tax Credit refund is an advance payment for tax year 2021 and is part of the American Rescue Plan Act legislation.
“The child tax credit will support roughly 27 million children in our country,” Rep. Vicente Gonzalez (D-McAllen) said. “This will set up our children for success and put more money in the pockets of hard working parents."
If your child is up to 5 years old, you will receive $300 a month.
If your child is between 6 and 17 years old, you will receive $250 a month.
This money from the IRS does not need to be paid back -- but if taxpayers want to opt-out of the system -- they can.
Advance payments will be made regularly from July through December to eligible taxpayers and will be estimated on 2020 tax returns or 2019 returns if you have not filed your 2020 return or it's in processing.
The credit is available to married couples filing jointly who earn less than 150,000 a year. Head of household families would need to make less than 112,000 to qualify.
Payments are adjusted on incomes greater than the caps and are expected to go out as early as July.