Roughly 35 million families across the country got a financial boost from the feds last week as the IRS sent out the first round of advance child tax credit payments. And while some July 15 deposits are still processing and some taxpayers are still fighting to get the right amount, many parents are already asking: When's the next one?
The American Rescue Plan makes it so families are eligible to receive up to $300 per kid every month for the rest of 2021. Most people who qualify don't have to do anything to get the money — it'll simply show up in their bank accounts on the 15th of each month.
In August, the 15th falls on a Sunday, so the IRS will distribute the next child tax credit payment on Aug. 13.
Like with the stimulus checks, not everyone will receive the advance payment at the exact same time. There are also other important CTC dates to contend with, mainly having to do with unenrollment.
If your family is eligible for monthly child tax credit installments and would prefer instead to claim the credit as a lump sum on your taxes in the spring, you'll need to opt out at least three days before the first Thursday of the month. Opting out of one month's payment will also unenroll you from future payments.
Let's condense all that information. The 2021 child tax credit payment dates — along with the deadlines to opt out — are as follows:
- Friday, Aug. 13 (opt out by Aug. 2)
- Wednesday, Sept. 15 (opt out by Aug. 30)
- Friday, Oct. 15 (opt out by Oct. 4)
- Monday, Nov. 15 (opt out by Nov. 1)
- Wednesday, Dec. 15 (opt out by Nov. 29)
What happens with the child tax credit payments after December? It's up in the air. President Joe Biden is pushing to extend the enhanced credit, which he called "our effort to take another giant step toward ending child poverty in America," through 2025.
But for now, mark your calendars with the dates above.
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