The Internal Revenue Service (IRS) has begun the process of mailing letters to over 36 million families who may be eligible for monthly child tax credit payments. The families were selected for evaluation based on their 2019 and 2020 tax returns, or through the IRS’ non-filer tool for those who registered for an Economic Impact Payment.
Those who are deemed eligible will receive a second letter with an estimated amount of their monthly payments of up to $300 per month for each child under age 6, and up to $250 per month for each child age 6-17. The advance payments will be issued through direct deposit, paper check or debit cards on July 15, August 13, September 15, October 15, November 15 and December 15, 2021. Eligible families can take advantage of the credit, even if they owe no federal income tax.
The advance payment for the Child Tax Credit are part of the American Rescue Plan, and cover about 88 percent of all children in the U.S.
For additional information contact Gray, Gray & Gray at (781) 407-0300.