The child tax credit stimulus payments are a series of monthly payments that will be sent to eligible families from July 2021 through December 2021. These payments are part of the American Rescue Plan Act, which was passed in March 2021.
The amount of each payment will depend on the number of qualifying children in a family and the family's income. Families with children under the age of 6 will receive a monthly payment of $300 per child, while families with children ages 6 to 17 will receive a monthly payment of $250 per child.
The payments will be sent automatically to families who have filed a 2020 or 2019 tax return and claimed the child tax credit. Families who are not required to file a tax return will need to register for the payments using the IRS's online portal.
Child Tax Credit Stimulus Monthly Payment Schedule
Payments begin July 2021.
- Monthly payments from July to December.
- $300 per child under age 6.
- $250 per child ages 6 to 17.
- Automatic for families who filed 2020 or 2019 taxes.
- Registration required for non-filers.
- Payments based on 2020 or 2019 income.
- Advance payments affect 2021 taxes.
For more information, visit the IRS website.
Monthly payments from July to December.
The child tax credit stimulus payments will be sent out in monthly installments from July to December 2021. This means that eligible families will receive a payment each month for six months.
The amount of each payment will depend on the number of qualifying children in a family and the family's income. Families with children under the age of 6 will receive a monthly payment of $300 per child, while families with children ages 6 to 17 will receive a monthly payment of $250 per child.
The payments will be sent automatically to families who have filed a 2020 or 2019 tax return and claimed the child tax credit. Families who are not required to file a tax return will need to register for the payments using the IRS's online portal.
The payments are intended to help families cover the costs of raising children during the COVID-19 pandemic. The payments are also advance payments of the child tax credit that families will claim on their 2021 tax returns. This means that the amount of the child tax credit that families receive when they file their 2021 taxes will be reduced by the amount of the advance payments they received in 2021.
For more information on the child tax credit stimulus payments, please visit the IRS website.
$300 per child under age 6.
Families with children under the age of 6 will receive a monthly payment of $300 per child as part of the child tax credit stimulus payments. This means that a family with two children under the age of 6 will receive a total of $600 per month in stimulus payments.
The payments are intended to help families cover the costs of raising young children during the COVID-19 pandemic. The payments are also advance payments of the child tax credit that families will claim on their 2021 tax returns. This means that the amount of the child tax credit that families receive when they file their 2021 taxes will be reduced by the amount of the advance payments they received in 2021.
To be eligible for the $300 per month payment, a child must be under the age of 6 on December 31, 2021. The child must also be a U.S. citizen, U.S. national, or U.S. resident alien. The child must also meet the income requirements for the child tax credit, which are based on the family's adjusted gross income.
Families who are eligible for the $300 per month payment will receive the payments automatically if they have filed a 2020 or 2019 tax return and claimed the child tax credit. Families who are not required to file a tax return will need to register for the payments using the IRS's online portal.
For more information on the child tax credit stimulus payments, please visit the IRS website.
$250 per child ages 6 to 17.
Families with children ages 6 to 17 will receive a monthly payment of $250 per child as part of the child tax credit stimulus payments. This means that a family with two children ages 6 to 17 will receive a total of $500 per month in stimulus payments.
- To be eligible for the $250 per month payment, a child must meet the following requirements:
- Be between the ages of 6 and 17 on December 31, 2021.
- Be a U.S. citizen, U.S. national, or U.S. resident alien.
- Meet the income requirements for the child tax credit, which are based on the family's adjusted gross income.
- The payments are intended to help families cover the costs of raising children during the COVID-19 pandemic.
The payments are also advance payments of the child tax credit that families will claim on their 2021 tax returns. This means that the amount of the child tax credit that families receive when they file their 2021 taxes will be reduced by the amount of the advance payments they received in 2021.
- Families who are eligible for the $250 per month payment will receive the payments automatically if they have filed a 2020 or 2019 tax return and claimed the child tax credit.
Families who are not required to file a tax return will need to register for the payments using the IRS's online portal.
- The payments will be sent out in monthly installments from July to December 2021.
This means that eligible families will receive a payment each month for six months.
For more information on the child tax credit stimulus payments, please visit the IRS website.
Automatic for families who filed 2020 or 2019 taxes.
Families who filed a 2020 or 2019 tax return and claimed the child tax credit will receive the child tax credit stimulus payments automatically. This means that they do not need to take any action to receive the payments.
The IRS will use the information from the family's tax return to determine the amount of the monthly payments and to send the payments to the family's bank account or mailing address.
Families who are eligible for the automatic payments will receive a letter from the IRS in July 2021. The letter will provide information about the amount of the payments and the payment schedule.
Families who do not receive a letter from the IRS by the end of July 2021 should contact the IRS to inquire about their payments.
Here are some of the reasons why a family might not receive automatic payments:
- The family did not file a 2020 or 2019 tax return.
- The family did not claim the child tax credit on their tax return.
- The family's income is too high to qualify for the child tax credit.
- The family's child does not meet the eligibility requirements.
Families who do not receive automatic payments can register for the payments using the IRS's online portal.
Registration required for non-filers.
Families who are not required to file a tax return will need to register for the child tax credit stimulus payments using the IRS's online portal. This includes families who have very low incomes and families who are receiving certain types of government benefits, such as Supplemental Security Income (SSI) or Temporary Assistance for Needy Families (TANF).
To register for the payments, families will need to provide the IRS with the following information:
- The child's name, Social Security number, and date of birth.
- The parent's name, Social Security number, and mailing address.
- Bank account information for direct deposit of the payments.
Families can register for the payments at any time, but the IRS recommends that families register by July 15, 2021 in order to receive the full amount of the payments.
Families who register after July 15, 2021 will receive a reduced amount of the payments. For example, a family who registers in August 2021 will only receive the payments for August through December 2021.
Families who are experiencing homelessness or who do not have a bank account can register for the payments by calling the IRS at 1-800-908-4184.
Payments based on 2020 or 2019 income.
The amount of the child tax credit stimulus payments is based on the family's income in 2020 or 2019, whichever year the family's income was lower. This means that families who experienced a decrease in income in 2020 due to the COVID-19 pandemic will receive a larger payment.
The income limits for the child tax credit are as follows:
- For married couples filing jointly, the income limit is $150,000.
- For heads of household, the income limit is $112,500.
- For single filers, the income limit is $75,000.
Families with incomes above these limits will not receive the full amount of the child tax credit stimulus payments. The amount of the payments will be reduced by $50 for every $1,000 of income above the limit.
For example, a married couple with two children under the age of 6 who has an income of $160,000 will receive a reduced payment of $500 per month. This is because their income is $10,000 above the income limit, so their payment is reduced by $500 ($10,000 / $1,000 = 10; 10 x $50 = $500).
Advance payments affect 2021 taxes.
The child tax credit stimulus payments are advance payments of the child tax credit that families will claim on their 2021 tax returns. This means that the amount of the child tax credit that families receive when they file their 2021 taxes will be reduced by the amount of the advance payments they received in 2021.
- The advance payments will not affect the amount of other tax credits or deductions that families can claim on their 2021 tax returns.
For example, families will still be able to claim the earned income tax credit and the child and dependent care credit.
- Families who receive more in advance payments than they are eligible for will need to repay the excess amount when they file their 2021 tax returns.
The IRS will send a letter to families who have received excess payments, and the families will have the option to repay the excess amount in full or in installments.
- Families who do not receive the full amount of the advance payments can claim the remaining amount of the child tax credit when they file their 2021 tax returns.
For example, a family who receives $1,800 in advance payments in 2021 and has a child under the age of 6 can claim the remaining $1,200 of the child tax credit when they file their 2021 tax return.
- Families who are not required to file a tax return can still receive the advance payments.
However, they will need to register for the payments using the IRS's online portal.
For more information on how the advance payments will affect your 2021 taxes, please visit the IRS website.
FAQ
Here are some frequently asked questions about the child tax credit stimulus payments:
Question 1: When will I receive my payments?
Answer 1: The payments will be sent out in monthly installments from July to December 2021.
Question 2: How much will I receive each month?
Answer 2: The amount of each payment will depend on the number of qualifying children in a family and the family's income. Families with children under the age of 6 will receive a monthly payment of $300 per child, while families with children ages 6 to 17 will receive a monthly payment of $250 per child.
Question 3: Do I need to do anything to receive the payments?
Answer 3: Families who filed a 2020 or 2019 tax return and claimed the child tax credit will receive the payments automatically. Families who are not required to file a tax return will need to register for the payments using the IRS's online portal.
Question 4: What if I have a child who is 18 or older?
Answer 4: Children who are 18 or older do not qualify for the child tax credit stimulus payments.
Question 5: What if I have a child who is a U.S. citizen but lives in another country?
Answer 5: Children who are U.S. citizens but live in another country may still qualify for the child tax credit stimulus payments, provided that they meet all of the other eligibility requirements.
Question 6: How will the payments affect my 2021 taxes?
Answer 6: The payments are advance payments of the child tax credit that families will claim on their 2021 tax returns. This means that the amount of the child tax credit that families receive when they file their 2021 taxes will be reduced by the amount of the advance payments they received in 2021.
Closing Paragraph for FAQ:
For more information on the child tax credit stimulus payments, please visit the IRS website.
Tips for receiving your child tax credit stimulus payments:
Tips
Here are some tips for receiving your child tax credit stimulus payments:
Tip 1: File your 2020 or 2019 tax return as soon as possible.
If you haven't already filed your 2020 or 2019 tax return, you should do so as soon as possible. This will ensure that the IRS has your most up-to-date information and can send you your payments quickly.
Tip 2: Make sure your bank account information is up to date with the IRS.
The IRS will send the payments to your bank account via direct deposit. Therefore, it is important to make sure that the IRS has your correct bank account information. You can update your bank account information by logging into your IRS online account or by calling the IRS at 1-800-829-1040.
Tip 3: Register for the payments if you are not required to file a tax return.
Families who are not required to file a tax return will need to register for the payments using the IRS's online portal. The registration portal is now open, and families can register at any time.
Tip 4: Keep track of the payments you receive.
The IRS will send you a letter in July 2021 with information about the amount of the payments you will receive and the payment schedule. It is important to keep track of the payments you receive so that you can reconcile them with the amount of the child tax credit that you claim on your 2021 tax return.
Closing Paragraph for Tips:
By following these tips, you can help ensure that you receive your child tax credit stimulus payments quickly and easily.
Conclusion:
Conclusion
Summary of Main Points:
The child tax credit stimulus payments are a series of monthly payments that will be sent to eligible families from July to December 2021. The payments are intended to help families cover the costs of raising children during the COVID-19 pandemic. The amount of each payment will depend on the number of qualifying children in a family and the family's income.
Families who filed a 2020 or 2019 tax return and claimed the child tax credit will receive the payments automatically. Families who are not required to file a tax return will need to register for the payments using the IRS's online portal.
The payments are advance payments of the child tax credit that families will claim on their 2021 tax returns. This means that the amount of the child tax credit that families receive when they file their 2021 taxes will be reduced by the amount of the advance payments they received in 2021.
Closing Message:
The child tax credit stimulus payments are an important step in providing financial relief to families during the COVID-19 pandemic. These payments will help families cover the costs of raising children and will also help to boost the economy.