The IRS has announced that the 2021 advance child tax credit (CTC) payments, provided for in the American Rescue Plan Act (ARPA), will begin being made on July 15. For 2021 only, the ARPA expanded the CTC. Eligible taxpayers will receive a $3,000 credit for each child ages 6 to 17 and a $3,600 credit for each child under age 6. The credit phases out for taxpayers with adjusted gross incomes over certain thresholds. The monthly advance CTC payments in total equal 50% of the IRS’s estimate of an eligible taxpayer’s 2021 CTC, during the period July 2021 through Dec. 2021. Recipients will receive the monthly payments through direct deposit, paper checks, or debit cards. Contact us with questions. © 2021
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