The American Rescue Plan, signed into law on March 11, 2021, not only increased the Child Tax Credit amount for 2021 but also included a provision for advanced payment to eligible families. To see if your family is eligible for the Child Tax Credit, click here.
Beginning on July 15, 2021, the IRS will pay half the total credit amount in advance monthly payments beginning July 15. The balance will be claimed on the 2021 income tax return. Changes apply to tax year 2021 only.
Eligible families will receive up to $300 per month for each child under age 6, and up to $250 per month for each child ages 6 through 17 on or around the 15th of every month.
If qualified payments will begin automatically. If your family is qualified and you do not wish to receive the payments, you must opt out.
For more information, click here to read the IRS press release.
To check for eligibility: https://www.irs.gov/credits-deductions/advance-child-tax-credit-eligibility-assistant
To "opt-out": https://www.irs.gov/credits-deductions/child-tax-credit-update-portal