{"id":26208,"date":"2021-07-01T13:14:30","date_gmt":"2021-07-01T17:14:30","guid":{"rendered":"https:\/\/blog.eztaxreturn.com\/?p=26208"},"modified":"2023-06-04T14:12:28","modified_gmt":"2023-06-04T19:12:28","slug":"child-tax-credit-payments-start-july-15th","status":"publish","type":"post","link":"https:\/\/staging.eztaxreturn.com\/blog\/child-tax-credit-payments-start-july-15th\/","title":{"rendered":"Child Tax Credit Payments Start July 15th"},"content":{"rendered":"\r\n<p class=\"wp-block-paragraph\">Starting July 15<sup>th<\/sup>, families with qualifying dependents will begin receiving advance monthly payments of the <a href=\"https:\/\/www.eztaxreturn.com\/contact-and-support\/tax-terms.html#childdependentcarecredit\" target=\"_blank\" rel=\"noreferrer noopener\">Child Tax Credit<\/a>.\u00a0 You\u2019ll receive half of your estimated credit between July and December, then the rest when you file your <a href=\"https:\/\/www.eztaxreturn.com\/contact-and-support\/tax-terms.html#taxrefund\" target=\"_blank\" rel=\"noreferrer noopener\">tax return<\/a> in 2022.\u00a0 Here\u2019s what you need to know.<\/p>\r\n<p>&nbsp;<\/p>\r\n\r\n\r\n\r\n<h2 id=\"h-how-much-will-i-receive-as-a-monthly-payment\" class=\"wp-block-heading\"><strong>How much will I receive as a monthly payment?<\/strong><\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">The maximum monthly payment is $300 for each qualifying child aged 5 or younger and $250 for those aged 6 to 17.\u00a0 Sometime soon, you\u2019ll be receiving a Letter 6417 from the <a href=\"https:\/\/www.eztaxreturn.com\/contact-and-support\/tax-terms.html#interestincome\" target=\"_blank\" rel=\"noreferrer noopener\">IRS<\/a> stating the amount of your estimated payments.\u00a0<\/p>\r\n<p>&nbsp;<\/p>\r\n\r\n\r\n\r\n<h2 id=\"h-what-do-i-need-to-do-to-receive-the-advance-payments\" class=\"wp-block-heading\"><strong>What do I need to do to receive the advance payments?<\/strong><\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Most eligible families will receive their payments automatically.\u00a0 The IRS will use the information from your 2020 or 2019 tax return to determine eligibility.\u00a0 However, those who are eligible for a payment, but usually aren\u2019t required to file will need to use the IRS Non-filer tool to provide their information.<\/p>\r\n<p>&nbsp;<\/p>\r\n\r\n\r\n\r\n<h2 id=\"h-how-will-i-be-paid\" class=\"wp-block-heading\"><strong>How will I be paid?<\/strong><\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">If the IRS already has your banking information on file, you\u2019ll most likely receive your payments via <a href=\"https:\/\/en.wikipedia.org\/wiki\/Direct_deposit\" target=\"_blank\" rel=\"noreferrer noopener\">direct deposit<\/a>.\u00a0 Otherwise, expect a check in the mail.\u00a0 Your bank information will come from either your 2020 or 2019 tax return, the Non-Filer tool, or a third-party like the <a href=\"https:\/\/en.wikipedia.org\/wiki\/Social_Security_Administration\" target=\"_blank\" rel=\"noreferrer noopener\">Social Security Administration<\/a> if you receive federal benefits.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">The IRS strongly recommends filing your 2020 return as soon as possible if you haven\u2019t already so they have your current banking information, and you receive the payment you deserve.\u00a0 If you still need to file, do your taxes with<a href=\"https:\/\/www.eztaxreturn.com\/\" target=\"_blank\" rel=\"noreferrer noopener\"> ezTaxReturn<\/a> now.\u00a0 It\u2019s the fastest and easiest way to e-file your return.<\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-buttons is-horizontal is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-7d812b4c wp-block-buttons-is-layout-flex\"><\/div>\r\n\r\n\r\n\r\n<h2 id=\"h-what-is-the-payment-schedule\" class=\"wp-block-heading\"><strong>What is the payment schedule?<\/strong><\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">According to the IRS, the payments will be issued on July 15<sup>th<\/sup>, August 13<sup>th<\/sup>, September 15<sup>th<\/sup>, October 15<sup>th<\/sup>, November 15<sup>th<\/sup> and December 15<sup>th<\/sup>.<\/p>\r\n<p>&nbsp;<\/p>\r\n\r\n\r\n\r\n<h2 id=\"h-can-i-opt-out\" class=\"wp-block-heading\"><strong>Can I opt out?<\/strong><\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Some people rather receive a lump sum of cash at tax time instead of the advance monthly payments.\u00a0 If you\u2019re one of those people, you can use the <a href=\"https:\/\/www.irs.gov\/credits-deductions\/child-tax-credit-update-portal\" target=\"_blank\" rel=\"noreferrer noopener\">Child Tax Credit Update Portal<\/a> (CTC UP) to opt out of the payments.<\/p>\r\n<p>&nbsp;<\/p>\r\n<h2>\u00a0<\/h2>\r\n<h2 style=\"text-align: center;\">File your taxes fast, ez and accurately.<\/h2>\r\n<p>&nbsp;<\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>Starting July 15th, families with qualifying dependents will begin receiving advance monthly payments of the Child Tax Credit.\u00a0 You\u2019ll receive half of your estimated credit between July and December, then the rest when you file your tax return in 2022.\u00a0 Here\u2019s what you need to know. &nbsp; How much will I receive as a monthly [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":26228,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[15],"tags":[],"class_list":["post-26208","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax-tips-and-planning"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.13 (Yoast SEO v20.13) - 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