Recently, the Internal Revenue Service and the U.S. Department of the Treasury announced that the issuance of monthly Child Tax Credit (CTC) payments would begin on July 15th. These payments are an advancement of the Child Tax Credit that is claimed on the income tax return. Eligible families will receive a payment of up to $300 per month for each child under age 6 and up to $250 per month for each child age 6 and above. As more information becomes available, it can be found on the Advance Child Tax Credit Payments page at https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021 on IRS.gov.
While most taxpayers will not be required to take any action to receive their payments, the IRS need wants to ensure more families that are not required to file taxes are aware of their eligibility for the payment. Non-filers can sign up at https://www.irs.gov/credits-deductions/child-tax-credit-non-filer-sign-up-tool.
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