Stimulus checks are hitting the bank accounts of households in the U.S. in just days. This, part of the child tax credit that started dispersing payments of $300 per child back in July 2021.
What is the Child Tax Credit?
It's part of the American Rescue Plan and it's called the biggest child tax credit in history.
Half the total credit amount will be paid in advance monthly payments and you will claim the other half when you file your 2021 income tax return.
Payments are issued on the 15th of every month and started back in July 2021. This is the schedule:
- July 15, 2021
- August 15, 2021
- September 15, 2021
- October 15, 2021
- November 15, 2021
- December 15, 2021
Payments are received either by direct deposit or by check.
If the IRS has your bank information, you'll get direct deposit. If not, expect the payment in the mail.
How much do you receive for your children?
For families with kids up to age 5, they receive $3,600.
For ages 6 through 17, it drops to $3,000 per child. Half of that amount is paid in monthly installments from July 2021 through December 2021, as shared above in the payout schedule, the other half as a 2021 tax credit.
What's required to get the child tax credit?
There's nothing that needs to be done on your part if you've already filed your 2020 tax return.
More questions about the child tax credit?
You can refer to this Q&A to learn more.
What do you think about the child tax credit? Is it helpful to American households?