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Millions of American families are noticing extra money in their checking accounts this week.
The Internal Revenue Service and the Treasury Department began sending child tax credit payments as direct deposits on July 15. deposit.
The remainder will be sent by paper check by post.
The tax credit offers up to $ 300 per month for each child under the age of 6 and up to $ 250 per month for each child aged 6 to 17. Six payments are planned – from July until December. The remaining six months of payments, up to $ 1,800 or $ 1,500, can be claimed when filing 2021 taxes in 2022.
According to the IRS, anyone who received a payment this month will continue to receive the funds for the remainder of 2021, unless they unsubscribe. Payments will be sent on the 15th of each month with one exception for August. The August payment will be delivered on August 13, as the 15th falls on a Sunday.
The deadline to unsubscribe for the next payment is August 2. You can manage payment information here.
To be eligible for child tax credit payments, families must have at least one child under the age of 18; make $ 75,000 or less for single filers or $ 150,000 for joint filers; have lived in the United States for at least six months; and live with the child claimed as a dependent for at least six months of the year. People who earn more than the income limits will have their payments reduced by $ 50 for every $ 1,000 above the limit.
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