These are the dates families will receive the advanced child tax credit payments (via CNBCMakeIt)
The payments will be made either by direct deposit or by paper check, depending on what information the IRS has on file for each recipient. Eligible families will receive a lump sum for the first six months of 2021 when they file their returns in 2022.An estimated 88% of families with children will qualify for the expanded credits, according to the IRS.
The tax credit is refundable, so all who qualify will receive a payment even if they don't have any earned income or typically earn too little to owe taxes. Families will receive a maximum of $3,600 for each child under 6 for tax year 2021, and a maximum of $3,000 for kids 6 through 17. The agency says most eligible families do not have to do anything to receive the payments, which will be based on 2020 income. If they haven't filed their taxes yet, though, they should do so ASAP. This gives the IRS each person's most current banking information and information on their dependents.
Before July 15, the IRS plans to have a tool available that will enable families to put off receiving the advanced payments and instead receive the full tax credit amount when they file their taxes next year.
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