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The Advance Child Tax Credit is a part of the American Rescue Plan and provides automatic monthly payments beginning July 15, 2021 to qualifying families. This functions as advance on the Child Tax Credit granted on annual tax filings, meaning it will reduce the amount of tax credit normally received for a child when filing 2021 taxes.
Eligible families will receive $300 for children under 6 and $250 a month for children 6-17 years old. Children who are currently 17, but will turn 18 before the end of 2021 are not eligible.
The American Rescue Plan increased the annual 2021 Child Tax Credit to $3600 for children up to 6 years old and $3000 for children 6-17. This means if families receive the advance for one child under the age of 6 they will receive $1800 in monthly $300 increments July-December. When they file their 2021 taxes next year the $3600 credit will be reduced to $1800.
The IRS has launched a portal for this tax credit that can be found at https://www.irs.gov/credits-deductions/child-tax-credit-update-portal
Please use the IRS Child Tax Credit Eligibility Assistant to determine your family's eligibility for this program.
Via this portal families can check to see if they're enrolled, unenroll to stop a payment and opt out of payments altogether as well as update account info and manage their information. It is important to note that married, joint filers must update both their's and their spouses account, it will not automatically adjust both.
CHILD TAX CREDIT PAYMENT & UNENROLLMENT DATES
|Payment month||Payment for Children 0-5||Payment for Children 6-17||Payment date||Unenrollment Deadline|
|August||$300||$250||August 13||August 2|
|September||$300||$250||September 15||August 30|
|October||$300||$250||October 15||October 4|
|November||$300||$250||November 15||November 1|
|December||$300||$250||December 15||November 29|