People who applied for Child Tax Credit(CTC) will be receiving the advance credit from this summer 2021 under American Rescue Plan Act. By this many families will be benefitted by receiving credits for their first child.
Child whose age is below 6 years can receive a total CTC of about $3,600 by the end of 2021 financial year. Children who are between 6 and 17 years as of 2021 will be eligible to get $3,000 as Child Tax Credit.
Previously children aged between 6 to 17 were allotted $2,000. Please make a note that the new increased amount is applicable to married taxpayers who earn income over $150,000. For more details, please refer the official portal of IRS.
One can check here for IRS Child Tax Payment in 2021 : https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021. You can access this given portal to check all official updates regarding IRS Child Tax Payment.
Also advance payments of Child Tax Credit will start from July 15th, 2021. During each month, families who are eligible to receive CTC, will partially get the refunds upto 50% of the total amount in advance.
IRS advices people to file the 2020 taxes at the earliest so as to ensure if they are eligible to get the CTC benefits. Also e-filing of the tax with direct deposits increase the speed of refunds and also get advanced CTC payments.
The taxpayers who are eligible to receive CTC and do not wish to get advanced payments can decline online.
Where to check Frequently asked questions and answers of IRS Child Tax Payment 2021?
Those who would like to check FAQ’s of IRS Child Tax Payment can look into this https://www.irs.gov/credits-deductions/2021-child-tax-credit-and-advance-child-tax-credit-payments-frequently-asked-questions . Here you can find all the details about General information, Eligibility for Advance Child Tax Credit Payments, Calculation of the Child Tax Credit, Advance Payment Process, How to update Your Child Tax Credit Information, Receiving Advance Child Tax Credit Payments, Reconciling Your Advance Child Tax Credit Payments on Your current financial year Tax Return and more.