Advance Child Tax Credit Payments in 2021
The IRS will send money to qualifying families every month for the next 6 months starting July 15th, 2021. Uncle Sam aka IRS will pay half the total credit amount in advance monthly payments. You will be able to claim the other half when you file your 2021 income tax return. Families will receive up to $300 a month from July to December for each qualifying child under age 6, for a total of $1,800. Families with children ages 6-17 will get up to $250 a month.
Qualify for advance child tax credit payments, you, and your spouse, if you filed a joint return must have:
Families are automatically enrolled for the advance payments and must unenroll if they don’t want to receive the monthly payments (Unroll here)
Who should unenroll?
Many families may prefer to wait until the end of the year and receive the entire credit as a refund when they file their 2021 return. The child tax credit update portal which is available on the IRS website allows families to unenroll. The unenroll feature can also be helpful to any family that no longer qualifies for the Child Tax Credit or believes they will not qualify when thy file their 2021 return. This could happen if,
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