Patra Francis, EA
Did you get a payment from the IRS in your bank account today?
Beginning today, July 15, 2021, taxpayers will start receiving advance monthly payments from the IRS for the Child Tax Credit.
To qualify for this advance, you (and your spouse if you filed a joint return), must have:
Filed either a 2019 or 2020 tax return and claimed the Child Tax Credit on the return, or
Are a non-filer who has given the IRS information in 2020 in order to receive the Economic Impact Payments; and
Your main home is in the United States for more than half the year or file a joint return with a spouse who has a main home in the United States for more than half the year; and
You have a qualifying child who is under age 18 at the end of 2021 and who has a valid Social Security Number, and
Your adjusted gross income is $75,000 per year or less for a single filer, $112,500 or less for heads of household, and $150,000 or less for joint filers. The amount of the credit is phased out for higher incomes.
This Advance Child Tax Credit is only effective for the 2021 tax year.
Because this is an advance against the Child Tax Credit that you usually claim on your tax return, you may be hit with more tax when it’s time to file your 2021 tax return. You can unenroll in order to stop receiving these advance payments by clicking on the link below.