Beginning on July 15, 2021 families can start receiving monthly checks from the IRS, as part of the changes to the Child Tax Credit. Also half of the credit will be distributed in advance of the 2022 filling season.
The Child Tax Credit is designed to help support families and make things easier for families, financially. The American Rescue Plan Act of 2021, increased the credit amount for one year, and the IRS is required to make advance payments to qualifying families. With the changes to the Child Tax Credit it reduces the number of children living in poverty by 45%, and 90% of children will be covered by advance payments of the credit according to the IRS.
Eligible families can receive up to $1,800 per child through December as part of the American Rescue Plan that President Biden signed. The relief bill that was $1.9 trillion boosted the child tax credit, which every child under the age 17 can get up to $2,000. Then children under the age of 6 are up to $3,600 and $3,000 for every child between the age of 6 to 17.
Half of the money will be distributed in cash on a monthly basis, beginning on July 15, 2021. The IRS will deliver payments on the 15th of each month through December 2021. Then the remainder of the money will be claimed on the 2021 tax returns, after covering taxes it will be paid directly to the family.
Here is the list of official pay dates:
- July 15, 2021
- August 13, 2021
- September 15, 2021
- October 15 2021
- November 15, 2021
- December 15, 2021