San Francisco Tax Preparation / CPA: First Monthly Child Tax Credit Payment Coming in July

Filed in CCH NEWS FEED by on July 24, 2021

The IRS and the Treasury Department have announced that the first monthly payment of the new refundable Child Tax Credit (CTC) from the American Rescue Plan will be made on July 15. The increased CTC payments will be made on the 15th of each month unless the 15th falls on a weekend or holiday. Eligible families will receive a payment of up to $300 per month for each child under age 6 and up to $250 per month for each child age 6 and above.

The American Rescue Plan increased the maximum CTC in 2021 to $3,600 for children under the age of 6 and to $3,000 per child for children between ages 6 and 17. Households covering more than 65 million children will receive the monthly CTC payments through direct deposit, paper check, or debit cards. Additional information on accessing CTC will be available soon at IRS.gov/childtaxcredit2021.