Advance Child Tax Credit Payments
The IRS has released more details about advance child tax credit (CTC) payments. The American Rescue Plan Act expanded the CTC, which is payable in advance for 2021 to eligible families. The IRS has started sending letters to more than 36 million families who, based on either their 2019 or 2020 federal income tax returns, may be eligible to receive monthly CTC payments. Advance payments will be made by direct deposit or check. Payments will be up to $300 per month for each qualifying child under age six and up to $250 per month for each qualifying child ages six to 17. The IRS will issue advance CTC payments on July 15, Aug. 13, Sept. 15, Oct. 15, Nov. 15 and Dec. 15.