Child Tax Credit Payments Will Hit Your Bank Account This Week
As part of President Joe Biden's $1.9T "American Rescue Plan", the amount of the Child Tax Credit (CTC) has changed. The CTC for the 2020 tax year was $2000 per child under 17, for the 2021 tax year, that amount has been increased to $3000 per child ages 6-17 and $3600 per child under 6.
So what the IRS is doing is advancing qualifying families half of the CTC in 6 payments of $300 per child or $250 per child depending on their age.
I happen to qualify and my bank account shows a deposit en route for tomorrow (7/15).
Payment dates are as follows:
- July 15
- Aug. 13
- Sept. 15
- Oct. 15
- Nov. 15
- Dec. 15
The maximum CTC is available to taxpayers with a modified Adjusted Gross Income of:
$75,000 or less for single taxpayers.
$112,500 or less for the head of household.
$150,000 or less for married couples filing a joint return and qualifying widow(er)s.
Payments will be automatically sent by direct deposit or paper check.
Some lawmakers want to make this a permanent thing; however, that is still up in the air at this point.
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