IRS begins contacting families on Child Tax Credit

The IRS said it started sending letters to more than 36 million American families who may be eligible to receive monthly Child Tax Credit payments starting in July.

Background: The American Rescue Plan increased the maximum Child Tax Credit in 2021 to $3,600 for children under the age of 6 and to $3,000 per child for children between ages 6 and 17.

Payments: Eligible families will receive a payment of up to $300 per month for each child under age 6 and up to $250 per month for each child age 6 and above.

Schedule: The IRS will issue advance payments on July 15, Aug. 13, Sept. 15, Oct. 15, Nov. 15, and Dec. 15.

More: Additional information is available on the IRS website and ICBA’s frequently asked questions on the payments.