The federal government will begin sending monthly advance Child Tax Credit payments on July 15, 2021. The Child Tax Credit was expanded with the passage of the American Rescue Plan Act in March 2021. The Internal Revenue Service (IRS) recently began sending letters to over 36 million families who may be eligible to receive the monthly advance payments.
In anticipation of questions, here’s important information about the advance Child Tax Credit payments.
Note: Be Aware Of Child Tax Credit Scams!
Unfortunately, scammers take advantage of moments of change and uncertainty to exploit consumers. In the coming days and months, be on the lookout for calls, texts or emails claiming you need to provide personal information to get your advance Child Tax Credit payments. Do not click on links or open attachments from sources you don’t know and trust.
Remember, the IRS will never reach out for bank account information via phone or ask for a payment to process your tax credit. According to the IRS, payments will be processed as direct deposits into your account or sent to you through the mail. No action needs to be taken by most people. Those who need to provide additional information will be asked to do so on the IRS.gov official website.
No action is required by you.
Most families who are eligible for advance Child Tax Credit payments do not need to take any action. If your family is eligible for a Child Tax Credit payment, you do not need to contact OneAZ Credit Union or the IRS to receive funds. Payments will be processed automatically, and you’ll receive your funds by direct deposit into the bank account reflected on your 2020 tax return or by paper check.
Please note that OneAZ branch and contact center staff do not have access to any additional information regarding if or when members will receive their payment.
You can check your eligibility through the IRS’s Advance Child Tax Credit Eligibility Assistant.
How much will you receive?
The IRS will determine who is eligible for advance Child Tax Credit payments based on information from your 2020 or 2019 tax return. Depending on your family’s income, each monthly payment could be up to $300 for each qualifying child under the age of 6 and $250 for each child from ages 6-17.
The monthly advance payments will total 50% of the estimated amount of the Child Tax Credit that you may claim on your 2021 tax return. You will claim the remaining half of the total credit on your 2021 income tax return.
When Should You Expect Your Payment?
The federal government will begin sending payments on July 15, 2021. Payments will be deposited in monthly installments through December 2021. Here is the schedule for advance Child Tax Credit payments:
- July 15, 2021
- August 13, 2021
- September 15, 2021
- October 15, 2021
- November 15, 2021
- December 15, 2021
For more information about receiving the advance Child Tax Credit payment, visit the IRS’s Child Tax Credit website.