Great news! With the new child tax credit, many families will get some extra money this year. The best part is that if you filed your 2020 tax returns and you qualify for the credit payments, there’s nothing else required on your part to get the money!
Let’s get right to it. Here are the quick facts you need to know about the 2021 Advance Child Tax Credit payments.
Am I Eligible?
According to the IRS, you’re eligible if you’ve lived in the United States for at least one year and your income doesn’t exceed:
- $150,000 (for married couples filing jointly)
- $112,000 (for heads of households)
- $75,000 (for all other taxpayers)
These are only some basic criteria, so please contact us for more details on eligibility.
How Much Will I Get?
If you’re eligible for the credit, you’ll receive:
- $300 per month for each child under 6-years old ($3,600 total for 2021)
- $250 per month for each child between the ages of 6 and 18 ($3,000 total for 2021)
When Will I Get It?
You’ll start getting the payments on July 15th, 2021, and then on the 15th of each month after (unless the 15th lands on a weekend or holiday). The final payment will be delivered in December of 2021.
How Will I Get It?
There are a few ways the IRS will send the money:
- Direct deposit
- Paper checks
- Debit cards
Contact us for more information on the payment process. If you need help with planning your finances and preparing for the next tax season, we can help!
Get Your Tax Services Consultation
Integrated Accounting & Tax is a woman-owned accounting firm with services tailored to each client’s unique needs and goals. We guarantee that every service we provide is essential and propels your goal.
Contact us today for a free tax services consultation. We have locations in Prior Lake, MN, and Ft. Lauderdale, FL, and can provide service to surrounding areas.