Families to begin receiving child tax credits this week
CHICAGO - Parents might want to keep an eye on their bank accounts later this week.
Child tax credits will start going out as early as Thursday. Households could receive monthly payments of up to $300 per child for the next six months, depending on income level and the child's age.
If you're a couple filing jointly with a combined income of $150,000 or lower – or filing as an individual with income under $112,500 – you're eligible for this year's child tax credit.
"This is just for 2021," said IRS Spokesperson Luis Garcia. "These advanced payments are for the next six months."
Eligible families would receive up to $300 per month for each child under the age of six, and up to $250 per month for each child between ages 6 and 17.
"If you filed a tax return in 2020 or 2019, we have your information, and we know that you have a [qualifying] child, we know your bank account information and we'll start to send those advanced payments to you," Garcia said.
If you prefer to receive the full credit in one lump sum at the end of the year instead of monthly, you can opt out of the advanced payments by going to IRS.gov. If you're eligible but didn't file a tax return in 2019 or 2020, go to IRS.gov to enroll.