Child Tax Credit Payment Information
Beginning tomorrow the first payments from the expanded child tax credit will start to be sent out to some 39 million families, according to the IRS. The enhanced tax credit, formed in March as a part of the American Rescue Plan, was put in place to help provide added relief to families raising children. The plan increases the previous Child Tax Credit from $2,000 to a maximum credit of $3,600 for children under 6, and $3,000 for children between 6 and 17. The credits are expected to be distributed in advance of 2021 taxes in six monthly installments. Those amounts will vary by family and be dependent on earned income limitations based on previous tax returns. To determine if you are eligible, visit irs.gov/childtaxcredit2021.
The majority of families will not need to take any action to receive the payments. Those who filed taxes for 2019 or 2020 tax years or signed up for the Economic Impact Payments will automatically receive payments based on the information you provided to the IRS. Bank accounts and personal information that has changed since filing your taxes can be updated on the Child Tax Credit Update Portal at https://www.irs.gov/credits-deductions/child-tax-credit-update-portal. If you did not file taxes or sign up for the stimulus checks, you can still register through the IRS Non-Filer Sign-Up Tool at https://www.whitehouse.gov/child-tax-credit/sign-up/.