Child tax credit timeline: Here’s when your monthly payments will arrive

Child tax credit timeline: Here’s when your monthly payments will arrive

New details from the IRS about the child tax credit were released this week, including dates for when your child tax credit payments will arrive. You’ll need these details.

In less than two months, the first child tax credit payment will go out to those who are eligible. On July 15, the IRS will send the first check out to families with qualified kids — the payment total will be for up to $3,600 per child. Before the payments start, you’ll want to find out how much you’ll get. Below, we map out when the rest of the payments will arrive — but be aware there will be a significant gap between the last check in December and your final payment.

By July 1, you’ll have access to two IRS portals that’ll let you update your information and avoid overpayments so you don’t have to return any money you get. One of the portals will be used to opt out of monthly payments for those who want just one check. We’ll also tell you how people who have 2021 newborns or shared child custody may or may not qualify.

Not sure how you’ll use your child tax credit money? We’ve gathered some useful ways. And here is out your may get your payments. For other money matters, here’s the latest on a fourth stimulus check and how to file an IRS payment trace if your stimulus check or plus-up payment didn’t come. You should also learn how to claim up to $16,000 in child care expenses. This story has been updated with new information.

When will I get my first enhanced child tax credit check and last?

The first child tax credit payments will start to arrive July 15 to all eligible households (make sure you understand the income limits). The first six payments will arrive monthly, targeting the same day of the month — though you may not receive it at the exact same time every month, especially if you get a paper check versus a direct deposit payment.

If the child tax credit payment date falls on a holiday or weekend — for example, Aug. 15 is a Sunday — it’s likely the payment will go out the following Monday. The checks will end in December, with your final sum coming next year. Here’s a rough schedule, and here’s how to calculate your check amount. See below for more details on checks for eligible children aged 18 through 24.

Will I get money if I have kids between ages 18 and 24?

If your older dependents are 18 years old, they can qualify for $500 each. So can dependents between the ages of 19 and 24, but they must be enrolled in college full-time in order to qualify.

How will the IRS send the child tax credit payments when they start in July?
The way your child tax credit money arrives could very well depend on how you receive your stimulus check money. Most people will receive child tax payments through direct deposit, but the IRS will also send paper checks and funds on debit cards.

For stimulus checks, people who received Social Security benefits like SSI or SSD got $1,400 payments on a Direct Express card. Veterans who don’t normally pay taxes might also have a different delivery method. We’ll update this when we have more information about the kind of debit cards you may receive.  ReadMore

 

Source: cnet

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