The first wave of Child Tax Credit payments comes out on July 15, giving families their first $300 per child monthly support. The U.S. government is paying up to $3,600 for every child dependent registered under an eligible filer. Here are the full details for the program, including how to apply and online tools you can use to monitor the payment delivery date.
The U.S. government knows that raising a child is difficult and expensive, especially during this pandemic. With that said, they are ready to provide financial support. In fact, they are also prepared to pay you back $16,000 worth of child care expenses support if you apply for it.
Here is a quick update and available list of online tools you can use for the Child Tax Credit Payments 2021.
Child Tax Credit Budget Plan
Earlier in June, IRS shared that child tax credit payments will be based on the dependent's age. The first half of the money is set to be delivered as monthly payments between July to December. The second half of the payment is scheduled to be released after completing the 2021 Tax Returns.
Child Tax Credit Payments is divided as:
- 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
Child Tax Credit Calculator
Depending on your eligibility and number of dependents, you'll receive more or less than the $3,600 budget. To correctly estimate how much you can receive, try using available online calculators.
To use the calculator, you need to provide your: filing status, adjusted gross income (AGI), number of children age 5 and under, and number of children age 6 to 17. Babies born (or will be born) before the year ends are also considered as dependents.
Child Tax Credit Tracker and Delivery Schedule
You can monitor the status of your child tax credit money, including its delivery date, through online portals. IRS recently released a new "Child Tax Credit Portal" that provides the necessary details of your transaction.
After creating your account, this online portal also helps you to
- Check on your Eligibility Status
- Unenroll from Advance Payment Program
- Announce new dependents, like newborn babies
- Update your personal information, including your current address and bank account.
Child Tax Credit Lump Sum
The IRS also gives you the option to receive the child tax credit money in one lump sum. However, the $3,600 will be delivered by next year at the earliest. You can receive the money after filing your 2021 Tax Returns.
Also, to receive the lump sum, you have to opt-out receiving the $300 monthly payment scheduled to start next week. You can immediately do this by visiting the online portal listed above.
The government is ready to pay you a lot of money to help with your child's expenses. However, you need to file your eligibility and requirements properly. Use the online tools listed above to make your filing a lot easier!
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