Advance Child Tax Credit Payments: 2021 Info You NEED to Know!
If you have a child 17 years old or younger, you may soon be seeing a payment from the IRS ! In fact, you may be seeing a payment from the IRS every 15 th of the month from July through December 2021. These are not more of your typical economic impact payments (aka “stimulus checks”). They are actually advanced payments of the Child Tax Credit…a credit you usually receive when you file your tax return. WHAT EXACTLY ARE THESE PAYMENTS, AND HOW MUCH WILL THEY BE? The “advance Child Tax Credit payments” are early payments of the Child Tax Credit you usually would have on your tax return. The payments will be paid once per month from July 15 th – December 15 th and will equal ½ of the estimated total you would receive on your 2021 tax return for that credit. For 2021 only, the Child Tax Credit has been increased to $3,600 for each qualifying child 5 years old or younger , and $3,000 for each qualifying child between 6 years old to 17 years old . (For reference, for 2020 t