On July 15, 2021 The IRS and Treasury announced that millions of US families have started receiving monthly Child Tax Credit payments. The payments are arriving direct deposit in bank accounts or as checks in the mail through the remainder of 2021.
Under the American Rescue Plan, each payment is up to $300 per month for a child under the age of 6 and up to $250 per month for each child ages 6-17.
Payments go to eligible families who filed 2019 or 2020 income tax returns.
The payment amounts begin to be reduced if your modified AGI exceeds:
$150,000 if married and filing a joint return
$112,000 if filing as head of household
$75,000 if you are single or are married and filing a separate return.
AVOID CHILD TAX CREDIT SCAMS
The IRS released a short video explaining how scammers are already using these payments as a way to steal taxpayers' private information.
Learn more - https://www.youtube.com/user/irsvideos