The IRS said it started sending letters to more than 36 million American families who may be eligible to receive monthly Child Tax Credit payments starting in July.
IRS begins contacting families on Child Tax Credit
June 08, 2021 / By ICBA
The IRS said it started sending letters to more than 36 million American families who may be eligible to receive monthly Child Tax Credit payments starting in July.
The IRS said it started sending letters to more than 36 million American families who may be eligible to receive monthly Child Tax Credit payments starting in July.
Background: The American Rescue Plan increased the maximum Child Tax Credit in 2021 to $3,600 for children under the age of 6 and to $3,000 per child for children between ages 6 and 17.
Payments: 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.
Schedule: The IRS will issue advance payments on July 15, Aug. 13, Sept. 15, Oct. 15, Nov. 15, and Dec. 15.
More: Additional information is available on the IRS website and ICBA’s frequently asked questions on the payments.
Subscribe now
Sign up for the Independent Banker newsletter to receive twice-monthly emails about new issues and must-read content you might have missed.
Sponsored Content
Featured Webinars
Join ICBA Community
Interested in discussing this and other topics? Network with and learn from your peers with the app designed for community bankers.
Subscribe Today
Sign up for Independent Banker eNews to receive twice-monthly emails that alert you when a new issue drops and highlight must-read content you might have missed.
News Watch Today
Join the Conversation with ICBA Community
ICBA Community is an online platform led by community bankers to foster connections, collaborations, and discussions on industry news, best practices, and regulations, while promoting networking, mentorship, and member feedback to guide future initiatives.
Join the Community Example Text
