WASHINGTON — The Internal Revenue Service has started to make progress on the Child Tax Credit payments, announcing several key dates for those families that will qualify for the program. The IRS has begun the process of sending letters to over 36 million families who may qualify for the program.
Based on previous tax filings, the families receiving these letters from the IRS could be eligible to start seeing the Child Tax Credit payments as soon as July.
This expanded Child Tax Credit was introduced as part of the American Rescue Plan Act that was enacted in March of this year. Families who are eligible for the Child Tax Credit will receive a second letter from the IRS later this summer, and that one will be personalized.
In most cases, if a family is eligible, there will be no action required. The IRS will determine this based on tax information from 2020, and if that is not yet available, 2019.
Families will receive a payment via either direct deposit or check for up to $300 per month for children under six years old, and up to $250 per month for each qualifying child between the ages of six and 17.
The IRS will issue advance Child Tax Credit payments on July 15, Aug. 13, Sept. 15, Oct. 15, Nov. 15 and Dec. 15.
For more information, visit the IRS’s website here.
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