News Flash Home
The original item was published from 6/18/2021 3:33:54 PM to 7/18/2021 12:00:04 AM.

News Flash

Business

Posted on: June 18, 2021

[ARCHIVED] Child Tax Credit Awareness Day

Child Tax Credit-News Flash

June 21 is officially Child Tax Credit Awareness Day. The American Rescue Plan greatly expanded the number of families who are eligible to receive the Child Tax Credit and also created an option for families to receive the tax credit in the form of advance monthly payments. All working families will get the full credit of $3,000 per child 6-17 years old and $3,600 per child under 6 for the year 2021 if they make up to $150,000 for a couple or $112,500 for a family with a single parent (also called head of household.)

The first advance monthly payment for the Child Tax Credit will be on July 15, 2021. The IRS estimates that payments will be automatically made via direct deposit, check or debit card to nearly 39 million households, which include 88 percent of children in the U.S.

For the first time, the Child Tax Credit is available to households that are not required to file an annual tax return. While no action is needed by most families, the IRS has created a tool to help those who don’t file tax returns register for the monthly Child Tax Credit payments. 

Learn more about the Child Tax Credit from the White House.

Facebook Twitter Email

Other News in Business