Child Tax Credit

What is the Child Tax Credit?

The Child Tax Credit is an income boost for parents or guardians of children and other dependents. This year it's bigger than ever. 

 

How much do you get per child?

Up to $3,600 per child under age 6 and $3,000 per child from ages 6 to 17. 

 

How do you qualify?

90% of families with children will get this new tax relief automatically. 

  • Married parents filing joint returns, as well as qualifying widows or widowers with incomes under $150,000 are eligible for the full refunds.
  • Parents who don't come under the married or widowed categories can make up to $112,500 if they are heads of households and $75,000 for all other individual taxpayers before the benefit is reduced.

 

How do you get paid?

  • Eligible taxpayers do not need to take any action now other than to file their 2020 tax return if they have not done so.

 

When do you get paid?

  • Under the cash payment program, you get six monthly payments from the U.S. Treasury via direct deposit starting July 15 and running through December of 2021.

 

How can you check if & when you'll be getting the Child Tax Credit?

The IRS has a new portal to track your payments. Just visit https://www.irs.gov/credits-deductions/child-tax-credit-update-portal

 

For more info, visit IRS.GOV.