Child Tax Credit Information: What You Should Know
Congress has expanded the Child Tax Credit to help families offset the cost of raising children during the pandemic. Eligible families will receive payments of up to $250 per month for each child ages 6 to 17, and up to $300 per month for each child younger than 6 years old.
You qualify for the benefits if:
- You have one or more children who turn age 17 or younger in 2021
- You are the head of household (family with a single parent) and make up to $112,500 per year
- You and your spouse file a joint tax return and make up to $150,000 per year
- Note: If you earn more than $112,500/$150,000, you may receive a reduced amount
The tax credit is being distributed by the IRS in two phases:
- Automatic monthly payments beginning in mid-July of 2021, and continuing through the end of the year
- A tax credit when you file your 2021 income tax return
Payments will arrive on or around the 15th of each month. The IRS will send payments by either direct deposit, paper checks or debit cards. If the 15th lands on a weekend or a holiday, payments may arrive later.
Typically, St. Louis Community Credit Union (SLCCU) will process direct deposits on the date they are submitted to us. If you expect to get a payment and don’t see it in your account on the 15th or by the next business day, the IRS may have mailed your payment instead as a check or debit card.
As long as you’ve already filed your 2019 or 2020 tax return OR if you previously signed up to receive a stimulus check from the IRS, no action is needed on your part.
If you qualify but do not receive your Advance Child Tax Credit payments each month, you may need to provide information to the IRS in order to receive your money. You can visit www.irs.gov and click on “Child Tax Credit” for details.
If you have any questions about your specific payment, please visit the IRS website. SLCCU does not determine the release date for the checks or the arrival time. Please remember, neither the IRS nor SLCCU will call, text, email or contact you through social media to ask for account details.
St. Louis Community Credit Union does not provide tax, legal or accounting advice. This content was prepared for informational purposes only, and is not intended to provide, and should not be relied on for tax, legal or accounting advice. Consult your own tax, legal and accounting advisors before engaging in any transaction.