Child Tax Credit Stimulus Monthly Payment Schedule: A Comprehensive Guide
Hi readers,
The American Rescue Plan Act of 2021 introduced a significant expansion to the Child Tax Credit (CTC), providing eligible families with monthly payments of up to $300 per child. This stimulus aims to alleviate the financial burden on families during the COVID-19 pandemic. Here’s a comprehensive guide to help you understand the child tax credit stimulus monthly payment schedule:
Monthly Payment Schedule
Eligibility and Requirements
To qualify for the monthly CTC payments, you must meet certain income and filing status requirements. Generally, you must have earned an income below the following thresholds in 2020:
- Single filers: $75,000
- Head of household filers: $112,500
- Married couples filing jointly: $150,000
You must also have filed a tax return for 2019 or 2020, claiming the CTC.
Payment Dates
The monthly payments are scheduled to be disbursed on the following dates:
- July 15
- August 13
- September 15
- October 15
- November 15
- December 15
Payment Amounts
The monthly payment amount depends on the age of your qualifying child and your filing status. Here’s a breakdown:
- Children under 6: $300 per month
- Children aged 6-17: $250 per month
Enrollment and Tracking
Enrollment
You don’t need to take any specific action to enroll in the monthly CTC payments. The IRS will automatically send payments to eligible families based on their 2019 or 2020 tax returns.
Tracking Payments
You can track the status of your payments using the IRS’s online portal or by calling the IRS toll-free number at 800-908-9946.
Other Considerations
Impact on Taxes
The monthly CTC payments are not taxable, meaning you won’t need to pay any federal income taxes on them. However, the advance payments may affect your overall tax liability when you file your 2021 tax return.
Reconciliation and Repayment
When you file your 2021 tax return, you will need to reconcile the advance CTC payments you received with the amount you’re eligible for based on your income and number of qualifying children. If you received more than you were entitled to, you may need to repay a portion of the funds.
Update Your Information
If you have a change in income or family status that affects your eligibility for the CTC, be sure to update your information with the IRS as soon as possible.
Monthly Payment Schedule Table
| Payment Date | Payment Amount (Under 6 Years) | Payment Amount (6-17 Years) |
|---|---|---|
| July 15 | $300 | $250 |
| August 13 | $300 | $250 |
| September 15 | $300 | $250 |
| October 15 | $300 | $250 |
| November 15 | $300 | $250 |
| December 15 | $300 | $250 |
Conclusion
The monthly CTC payments provide much-needed financial support for families with children during these challenging times. Understanding the payment schedule and eligibility requirements is crucial to ensure that you receive the full benefits of this program. Don’t forget to check out our other articles on child-related tax credits and stimulus payments for more information.
FAQ about Child Tax Credit Stimulus Monthly Payment Schedule
Am I eligible for the Child Tax Credit Stimulus?
- Answer: You may be eligible if you meet the income limits and have a qualifying child. Check with the IRS for specific eligibility criteria.
How much money will I receive per eligible child?
- Answer: The amount varies based on the age of the child. Children under 6 may qualify for $3,000, while children ages 6-17 may qualify for $2,500.
When will I receive my first payment?
- Answer: The first payment was issued on July 15th, 2021. Subsequent payments are scheduled on the 15th of each month through December 15th, 2021.
How will I receive my payments?
- Answer: Payments are typically issued through direct deposit or a mailed check. You can check the IRS website or contact them for your payment status.
What if I don’t receive my payment?
- Answer: If you are eligible but have not received your payment, check the IRS website or call their helpline. There may be issues with your bank account or other processing delays.
How can I update my payment information?
- Answer: You can use the IRS’s online portal to update your bank account or mailing address. You may also call their helpline for assistance.
Can I get the payments in a lump sum?
- Answer: No, the payments are scheduled to be distributed monthly.
What if my child turns 18 during the payment period?
- Answer: You may still receive the full amount for the month in which your child turns 18.
How can I learn more about the Child Tax Credit Stimulus?
- Answer: Visit the IRS website or consult other reliable sources for the latest information and updates.
Is the Child Tax Credit Stimulus taxable?
- Answer: No, the Child Tax Credit Stimulus payments are not considered taxable income.
