If You Still Have Questions About The Child Tax Credit
If you have children who are under the age of 18 and will not turn 18 before January 1, 2022, you are very likely entitled to the Child Tax Credit. One of the most important requirements is that you filed a 2019 or 2020 tax return and claimed the Child Tax Credit on the return.
With so many families who have been reduced from two incomes to one or none, this tax credit comes as welcome relief. Especially as the kids are getting ready to head back to school.
The IRS started sending out the Child Tax Credit payments on July 15th. According to irs.gov, “the first batch of advance monthly payments worth roughly $15 billion reached about 35 million families today across the country. About 86% were sent by direct deposit.” https://www.irs.gov/newsroom/irs-monthly-child-tax-credit-payments-begin
Under the American Rescue Plan, each payment is up to $300 per month for each child under age 6 and up to $250 per month for each child ages 6 through 17. According to the IRS, normally, anyone who receives a payment in July will also receive a payment each month for the rest of 2021 unless they unenroll. Besides the July 15 payment, payment dates are Aug. 13, Sept. 15, Oct. 15, Nov. 15 and Dec. 15.
The Child Tax Credit only applies to taxpayers who have their main home in the U.S. for more than half the year. If you file a joint return with a spouse at least one of you must maintain a main home in the U.S. for half the year. If you have not let the IRS know that you want to claim the Child Tax Credit, it’s not too late. You can go to the Child Tax Credit update portal so see if you qualify. https://www.irs.gov/credits-deductions/child-tax-credit-update-portal
If you have provided your bank information and have claimed the tax credit but have not yet received it, you can check the status on the update portal above. I imagine if you hang tight it will show up soon.