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May 17, 2021 at 04:23 PM
What You Need to Know
- Payments will be automatic for those who file their 2020 tax returns by May 17 — this year's tax deadline.
- The monthly payments will total $3,600 per child per year under 6 and $3,000 per child from 6 to 17.
- Joint filers making up to $150,000 per year and single filers making up to $75,000 will qualify for the payments.
The first monthly payment of the expanded Child Tax Credit (CTC) from the American Rescue Plan will be made on July 15, according to an announcement by the Internal Revenue Service and the U.S. Department of the Treasury.
Payments will be automatic for those who have filed their 2020 tax returns by the end of Monday, this year’s tax deadline.
Non-filers will need to file a 2020 tax return to get the credit, even if they don’t usually submit tax returns, to let the IRS know how many dependents are in the household who count toward the child tax credit benefits.
Families with joint filers making up to $150,000 per year, single heads of households earning up to $112,500, and other single filers making up to $75,000 will qualify for the payments, which are $3,600 per child under 6 and $3,000 per child from 6 to 17. Families who have no income at all are also eligible.
The payments, however, will be monthly — $300 for children under age 6 and up to $250 for children 6 to 17 — and will begin to phase out at a rate of $50 for every $1,000 over the $150,000 and $75,000 thresholds.
