When will the child tax credit payments start? All the important dates to know

When will the child tax credit payments start? All the important dates to know

Here’s how the 2021 child tax credit schedule looks, plus how to opt out of the monthly checks and more.

Households qualifying for the child tax credit can expect to get payments for up to $300 per kid starting next month. Under the new stimulus package, parents can get a total of $3,600 per eligible dependent between July 15 (when the first check arrives) and next year.

We’ll tell you when to expect all of your payments to arrive. Families may need to update their information before then if their income or number of children has changed. The two IRS portals, which will be available by July 1, will assist in ironing out those details. One of the child tax credit portals will allow parents to opt out of monthly payments if they prefer to get one check for the total amount of the credit next year instead.

There are also important details for parents with 2021 newborns or with shared child custody. We have some ideas for ways to use your child tax credit money. You might also want to know how to claim up to $16,000 in child care expenses and how you should expect to receive your payments. For other money matters, here’s what to do if your stimulus check or plus-up payment hasn’t arrived. This story has been updated recently.

When will I get my first (and last) child tax credit checks?
The first child tax credit payments will start to arrive July 15. (Make sure you understand the income limits for eligible households.) The first six payments will arrive monthly, targeting the same day of the month — though you may not receive the payment on the exact same day every month, especially if you get a paper check instead of 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.

Will I get a check if my kids are older than age 17?

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

When can I update my income and family details in the child tax credit portals?

The IRS will launch two online portals by July 1. The first is for people who are not normally required to file an income tax return and will let these nonfilers provide information so they can receive payments.

The second portal will allow families to update their information if their circumstances have changed, for example, if a new child arrives in 2021 who isn’t reflected on your 2020 tax return. You will also be able to use the portal to opt out of the monthly payments and receive the entire amount at one time when you file your taxes in 2022.   ReadMore

 

Source : cnet

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