If you are eligible for the 2021 Child Tax Credit, you can claim up to $3,600. Here’s when you can start receiving your payments.
Millions of Americans are receiving the $1,400 stimulus checks that were recently approved by lawmakers, but when will Americans get the 2021 Child Tax Credit.
Included in the recently passed bill is the 2021 Child Tax Credit, which is an expansion of the 2019 child tax credit that allowed parents to claim up to $2,000 for each dependent under the age of 17.
Now, under the 2021 Child Tax Credit, parents can claim up to $3,600, but there are still some burning questions that have yet to be answered by lawmakers. The first being – when will your Child Tax Credit actually arrive?
According to the recently passed American Rescue Plan legislation, the 2021 Child Tax Credit will start arriving in July, but a specific date hasn’t been set yet.
According to the Internal Revenue Service (IRS), more information on that date will be released “as soon as possible”. Additionally, IRS Commissioner Charles Rettig said that if you file your 2020 tax returns before May 17, the Child Tax Credit will be automatic.
However, if you are a non-filer, you will be required to file a tax return to receive the credit. Another question that has yet to be answered is – how often will these payments roll out to Americans? According to the legislation, the Child Tax Credit will be sent out to eligible Americans “periodically” from July to December, but the IRS is yet to confirm how often those payments will be sent out.
Rettig said, “that time frame might change in some manner,” and, “I think it might be a challenge to get into the monthly [payments], right out of the box.”