Jul 13, 2021
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About this Deal
The first child tax credit check is just days away. Starting Thursday, parents could see as much as $300 per child in their bank accounts or by mail each month. But parents who don't qualify and still receive the money may have to repay the IRS. The good news is that the IRS has an online tool to check eligibility. The Advance Child Tax Credit Eligibility Assistant asks a few quick questions online based on your most recent tax return like your income, filing status and number of children to determine if you qualify for advanced payments. And it is now available in Spanish.
Families that qualify will automatically will get monthly payments via direct deposit or mail as an advance of next year's tax season. In the past, the credit was issued in full during tax season. This year, half of the money will be sent in monthly payments, and you'll get the remainder when you file your taxes next year. If your dependents are aged 17 and under, you'll get half of the total credit through these monthly checks. Your total amount will depend on your income and dependent's age. There's also this tidbit of news: if you prefer to just get the total amount in spring 2022, you have time to opt out before Aug. 2 using the Child Tax Credit Update Portal.
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