June 24, 2021

2021 – 05/25 – Many parents will receive advance tax credit payments beginning July 15

Eligible parents will soon receive payments from the federal government by direct deposit, paper check or debit card. The IRS announced that the 2021 advance child tax credit (CTC) payments, which were created in the American Rescue Plan Act, will begin July 15, 2021, and run through Dec. 15, 2021. Payments will get up to $300 monthly for each child under 6, and up to $250 monthly for each child 6 and older. The increased credit amount will be reduced or phased out for households with modified adjusted gross income above: $150,000 for married taxpayers filing jointly and qualifying widows and widowers; $112,500 for heads of household; and $75,000 for other taxpayers. Questions? Contact us.