Sources: USA Today – “When will child tax credit payments start? Checks set to roll out in July, IRS says.”
· American Rescue Plan – passed in March of 2021.
· Starting in July 2021, Child Tax Credit payments will begin to be deposited into taxpayers' bank account. These are expected to be between $250-$300 per month.
· American Rescue Plan – passed in March of 2021.
· President Biden wants to extend this through 2025 with The American Families Act.
· Phase-out starts at $75,000 for single filers and $150,000 for joint filers. Families above this income level may still be eligible for the original $2000 credit on the filing of their tax returns.
For more information:
https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021
