Advanced Child Tax Payments
June 24, 2021 9:57AM CDT
Advanced child tax credit payments start on July 15th.
The original tax credit was $2,000, but it’s since increased.
The credit for children under six years old is $3,600, which comes out to $300 a month.
And children from six to 17 years old will get $3,000, which comes out to $250 monthly.
If you’re married filing joint and make $150,000 or less, you probably will not have to repay it… but the refund will go down.
You can unenroll at any point.
Those married filing joint who make $400,000 or less based on 2019 or 2020 tax returns will automatically be enrolled and start receiving payments July 15th.
If you’d like to unenroll you must do that on the IRS website.
By: Chuck Williams