Since July 15, the Internal Revenue Service (IRS) and the Treasury Department began sending checks to millions of American families as part of an advance on their child tax credit refund. Monthly payments will run until December and correspond to the tax return for 2021.
After the July 15 initial payment, families will receive their next deposits – or checks – on August 13, September 15, October 15, November 15, and December 15.
Payments will be sent – mostly – as direct deposit to your bank account or as a check printed by traditional mail, depending on how you decided to receive your tax credit on your last tax return.
There are no major requirements to obtain these payments. They only have to have declared their taxes in the last two years, in which children appear as dependents. To receive this tax credit, families must have filed their tax returns for the years 2019 or 2020.
Payments are $ 300 per month for each child under 6 years of age and up to $ 250 per month for each child ages 6 to 17. Authorities have said they are sending an average of $ 423 per family.
It is important to note that this money is not an extra help: it is what you are entitled to and what you will receive next year on your tax return after indicating how many children depend on you. The money sent by the IRS corresponds to half of the tax credit that you get per child when you do your taxes. The remainder of the amount returned to you by the IRS each year will come to you after filing your 2021 tax return.
For more information on these checks visit: IRS.gov/childtaxcredit2021
THE DATA
The Child Tax Credit is a program of the Biden Administration to distribute on a monthly basis the refund that the IRS sends each year to families who claim children as dependents on their taxes.
MUST KNOW
Around 35 million families are benefiting from this program.
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