IRS provides more support to eligible families with another wave of monthly payments. The first half of child tax credit money will be coming this year, and there will be a way for families to track it.
Sometime in July, eligible families should start receiving their child tax credit payments. Young children qualify for a total of $3,600 over the next course of the year, divided to $300 delivered each month. The first half of the money should be received this year, while the second half would be due in 2022.
It's importannt to note that only eligible filers can receive money on behalf of eligible dependent children. If the filer is single and earns more than $75,000 per year, or as head of a household earning more than $112,500 per year, or a married couple making more than $150,000 when salaries are joint, then the money from your child tax credit payments will begin to phase out. A total of $50 is phased out for every $1,000 of income the filer has over the threshold amounts.
2021 Child Tax Credit Payments
Payments will be split in half for 2021, and the rest delivered in 2022. Here is the specific age of a child dependent and the corresponding amount they are expected to receive if the filer is eligible and earns below the income threshold stated above.
- Ages 5 and younger - Receives up to $3,600, with half as $300 monthly payments
- Ages 6 to 17 - Receives up to $3,000, with half as $250 monthly payments
- Age 18 - Receives $500 one-time check
- Ages 19 and 24, full-time college students - Receives $500 one-time check
Although the IRS has not released information regarding the specific date when the money would be released, Cnet provided an estimate for the monthly breakdown starting July until December. Note that these dates are only a prediction, and the numbers might change until IRS releases its official announcement.
- July 2021: (First payment) - $300 (5y/o and younger) and $250 (6-17y/o)
- August 2021 - $300 (5y/o and younger) and $250 (6-17y/o)
- September 2021 - $300 (5y/o and younger) and $250 (6-17y/o)
- October 2021 - $300 (5y/o and younger) and $250 (6-17y/o)
- November 2021 - $300 (5y/o and younger) and $250 (6-17y/o)
- December 2021 - $300 (5y/o and younger) and $250 (6-17y/o)
- April 2022: Second half of payment $1,800 (5y/o and younger) and $1,500 (6-17y/o)
IRS Online Portal
The IRS is reported to launch an online portal sometime on July 1 that is equipped with information regarding the child tax credit payments. Head to their website on that date to check for updates and register yourself to monitor the payment you are due to receive properly.
In the meantime, check out some available online calculators to compute how much you are expected to receive or start registering an account online with the IRS to monitor your first and second stimulus payment history.
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