CLEVELAND (WJW)– Many families will start getting advance payments on the child tax credit this summer under the American Rescue Plan Act of 2021.
Families who claim the Child Tax Credit for 2021 will receive up to $3,000 per qualifying child, who is between 6 and 17 years old at the end of 2021. They will receive $3,600 per qualifying child, under age 6 at the end of 2021.
The official dates for the monthly payments are: July 15, Aug. 13, Sept. 15, Oct. 15, Nov. 15 and Dec. 15.
The expanded credit means:
- The credit amounts will increase for many taxpayers.
- The credit for qualifying children is fully refundable, which means that taxpayers can benefit from the credit even if they don’t have earned income or don’t owe any income taxes.
- The credit will include children who turn age 17 in 2021.
- Taxpayers may receive part of their credit in 2021 before filing their 2021 tax return.
The American Rescue Plan Act of 2021 expands the tax credit for 2021 only.