New monthly child tax credit payments will start July 15. What you need to know. investinyou (In partnership with acorns.)
of each month, unless the 15falls on a weekend or holiday, at which point the money will be sent on the closest business day. Families can plan their budgets around receiving the payment mid-month, the IRS said.
So far, the monthly payments are only scheduled to continue through the end of 2021. Families will receive the second half of the credit when they file their 2021 taxes in 2022. But that could change — President Biden has suggested making the enhanced credit available through 2025, and other Democrats want to make it a permanent benefit.Families can opt out of receiving the monthly payments for the credit through an IRS portal.
Some families may choose this route because they don't need the monthly payments immediately or prefer to get a large lump sum of money back from the IRS as a tax refund, said Elaine Maag, a principal research associate at the Urban-Brookings Tax Policy Center "There's evidence that shows that some people really like getting that large tax refund, and can use it as an opportunity to purchase a large household item like a refrigerator or put together first and last month's rent so they can move," she said.that factors in your filing status, annual income and the number of dependents you have.
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