New York – Families eligible for the upcoming Monthly Child Tax Credit payment have begun to receive letters from the Internal Revenue Service about expected monthly payments across the United States.
The payments will officially start from July 15. Most parents can expect to receive $3,000 for each child between the ages of 6 and 17 and $3,600 for each child under the age of 6. The expanded amount is reduced when the income hits $75,000 for individuals and $150,000 for married couples.
Families will receive monthly payments — between $250 and $300 per child — instead of an annual lump sum. Half of the credit will be paid from July 15. From there, the IRS will distribute monthly payments from the 15th of each month through December 2021.
Granthshala Business Confirmed That the official dates are:
- July 15
- Aug 13
- September 15
- 15 October
- November 15
- December 15
The remaining half will be a credit for next year’s taxes. Any money left over after covering taxes will be paid directly to families.
Granthshala Business also reports that even if families earn too much to qualify for the tax credit, they can still receive a $2,000 credit for their children if their income level is $200,000 for individuals and $200,000 for married couples. for less than $400,000.
For example, a family with children ages 10 and 4 would be eligible for a $6,600 credit if they make less than $150,000. They will receive a credit of $550 per month through December, and then a credit of $3,300 upon filing their taxes in 2022.
The IRS stated that 88% of all children living in the US would qualify for payments.