The Child Tax Credit for August is coming early this week! Payments should hit the banks by August 13.
The advanced child tax credit payment is scheduled to drop every 15th of each month, starting July until December. However, since August 15 is a Sunday, IRS decided to deliver the money a little earlier than usual.
The other CTC payments for September, October, November and December would follow the usual schedule, where the money would be deposited on the 15th.
Child Tax Credit Dates: $300 Payment Is Coming Early
August is the second of the six child tax credit monthly payments allocated for eligible families this year.
Qualifying families receive $300 per child under the age of 6 and $250 for children age 6 to 17.
In total, the child tax credit should provide $3,600 for families with children under 6 and $3,000 for families with older children.
As previously mentioned, half of the total money is delivered as recurring monthly payments. The second half of the money, approximately $1,800 or $1,500, would be paid in one lump sum in 2022. The second half will be received after filing the 2021 Tax Returns.
For faster and more effective computation, child tax credit calculators are provided online. Use this link to estimate how much money you can receive from the child tax credit budget.
How to Track $300 Child Tax Credit Payment
The IRS provided many different tools to support and monitor the child tax credit money. Aside from the online calculators, online child tax credit trackers have also been made.
First, this linked article listed the child tax credit budget plan, with the payments being divided based on eligible dependents claimed by the filer.
The child tax credit tracker also feature the payment delivery schedule and how to update your information registered in the IRS database. Specifically, it is use to:
- Check on Eligibility Status
- Announce new dependents, like newborn babies
- Update personal information, current address, and active bank account
For interested families, they also have the option to opt-out of child tax credit monthly payments. There are many benefits to this decision, like receiving the child tax credit money in one lump sum and securing yourself from being overpaid by the IRS.
The child tax credit money is the national monetary support that parents have been counting on to help pay for their child care expenses. The money is recommended to be used on daycare and schooling fees. Earlier reports from CNBC teased that child tax credit payments could be extended to four more years. However, lawmakers and democrats have not made these plans official.
Families are recommended to sort out their payments for the ongoing child tax credit payment as soon as possible. It is also recommended to create and monitor their own IRS account, which could be linked to the official Child Tax Credit Online Portal.
Related Article: Child Tax Credit 2021: How to Open an ID.me Account to Get Your $3,600 Per Child Payment
