The credit is $ 3,600 per year for eligible families with children under the age of 6.
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Millions of families will be receiving money from the Child Tax Credit today. The credit is $ 3,600 per year for eligible families with children under the age of 6 and $ 3,000 for children ages 6 to 17.
Half of this money will be distributed as a 2021 tax advance in six monthly payments. This means that eligible families will receive $ 300 per month for each child 6 years and younger and $ 250 for each child 6 years and older.
The dates on which these monthly payments will be given are as follows: July 15, August 13, September 15, October 15, November 15 and December 15.
If you have not yet received your payments for the month of July and August, there may be several reasons. The first is that The IRS may not have updated your bank information or address. To review this, visit the Child Tax Credit update portal to verify that your information is up to date. Since you are there, you can check the payment status.
On the other hand, you should take into account that the eligibility of the beneficiaries is determined by the 2020 and 2019 tax returns that they made. Therefore, if you have not yet filed taxes in 2020 or your documents have not been processed, they will not pay you.
To file your taxes with the IRS, you must enter the IRS portal.
Secondly, If your account and address information is correct and you have not received your payment yet, you may need to file a payment follow-up with the IRS. To do this, you will need to complete a Form 3911 and mail or fax it to the IRS.
Remember that you will not have to pay taxes on payments of the Child Tax Credit, as these are not considered income. However, if you end up getting more money from the Child Tax Credit than you should be given, you may have to pay some of that money back to the IRS.
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