The First Child Tax Credit Just Hit Banks Today (Check Yours!)

The Advance Child Tax Credit payments started TODAY – did you get yours?   Find out all the details here! 

Child Tax Credit Payments Started Today

Starting today, July 15th, the first round of Child Tax Credits hit bank accounts across the country as part of President Biden’s American Rescue Plan Act.

If your stimulus checks arrived via direct deposit – then your child tax credit will also (A few of our team members hit today already!)

Families who qualify will receive a credit on the 15th of each month for the next 6 months – see if you qualify here.

How Much Money Will I Get from the Advance Child Tax Credit?

• Qualified people will get a Maximum of $3600 for children under the age of 6
• Qualified people will get a Maxiumum of $300 for children 6 – 17
• Payments will be up to $300 per child/per month for kids under 6, and up to $250 per child/per month for kids 6-17
• Those above the qualifying income (see below) will have payments reduced by $50 per child, for every $1000 in modified AGI.

Who Qualifies for the Child Tax Credit?

• Single filers who have an adjusted gross income (AGI) up t0 $75,000
  • Phase out rate – Single filers who have an AGI of $80,000 will not qualify
• Heads of households with earnings up to $112,500
  • Phase out rate – Heads of households with earnings of $120,000 will not qualify
• Joint filers with earnings up to $150,000
  • Phase out rate – Joint filers earning more than $160,000 will not qualify

Note that the “phase out rate” is not 100% uniform – it does depend on filing status and the number of dependents the tax payer has.

How Do I Get My Advance Child Tax Credits?

If you already filed your 2020 Tax Return, you won’t need to do anything.  If not, the IRS will use 2019’s return.

Your check will be direct deposited to your bank, or mailed to you as a check.  I know most of us have gotten our checks much faster if we chose direct deposit, versus those who had to wait on a physical check.

If you have not (or do not) file – you’ll need to head over to the IRS website to give them some information.

Find out more details and updates about the new stimulus check here.

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