Welcome to the topic Advance Child Tax Credit Payment-2021.
As early as July 12th 2021, the Child Tax Credit have been received by many qualifying American Families. However, The Child Tax Credit has caused a lot of confusion, leaving many families wondering what’s next. We want to help you understand the advance Child Tax Credit payments that is being processed by the IRS.
Who Is Eligible?
Advance payments of the 2021 Child Tax Credit will be made monthly from Just 15 through December 15 to eligible taxpayers who have a main home in the United States for more than half the year.
Qualifying families claiming the Child Tax Credit will receive:
- Up to $250 per month per qualifying child between the ages of 6 and 17
- Up to $300 per qualifying child under age 6
The maximum credit is available to taxpayers with a modified adjusted gross income of:
- $75,000 or less for a single filer and married filing separate filer
- $112,500 or less for head of household
- $150,000 or less for married couples filing a joint return and qualifying widow and widowers
The remainder of the Child Tax Credit payments will be made upon filing of 2021 tax returns.
Track Your Child Tax Credit
You can track your Child Tax Credit payments on the IRS portal. To access the portal visit: IRS.GOV
Estimating Your Advanced Child Tax Credit
If you declared less than $75,000 of income on your last tax returns, you will qualify for:
- Up to $250 per month per qualifying child between the ages of 6 and 17
- Up to $300 per qualifying child under age 6
The remainder of the Child Tax Credit payment will be made upon filing of 2021 tax returns.
When Will I Receive My Credit?
Credit payments will be made monthly beginning on July 15, 2021 and ending December 15, 2021.
How Will I Get My Payment?
Your Child Tax Credit payments could come in a few different forms:
- Direct deposit to your bank account on file with the IRS
- Paper Check
Those of you who already have their direct deposit payment information on file with the IRS will be among the first to receive their advance Child Tax Credit payments.
The IRS implemented a new tool that lets people who normally do not file taxes register for advance Child Tax Credit payments. If you are a U.S. citizen or permanent resident who did not file a federal income tax return in 2020. You can still apply for the advance Child Tax Credit payments by submitting a routing and account number to the IRS.
If you did file a tax return. You can also update your payment information on file with the IRS using the official Child Tax Credit Update Portal.
To access the portal click here.
Where Should I go to Learn More?
Although there are many good resources available online regarding the advance Child Tax Credit payments. The official IRS website is one of the best and safest options.
Also read: Checking Your Refund Payment Online
