ADVANCE CHILD TAX CREDIT UPDATE
Updated Information on Advance Child Tax Credit Payments: The American Rescue Plan Act of 2021 (ARPA) expanded the Child Tax Credit (CTC), which is payable in advance for 2021. The IRS has started sending letters to more than 36 million American families who, based on either their 2019 or 2020 federal income tax return, may be eligible to receive monthly CTC payments. Eligible families will begin receiving advance payments, either by direct deposit or check. The payment will be up to $300 per month for each qualifying child under age six and up to $250 per month for each qualifying child ages six to 17. The IRS will issue advance CTC payments on July 15, August 13, September 15, October 15, November 15, and December 15.
