Child tax credit are set to hit eligible families’ accounts on July 15, 2021. The payments are an expansion of the American Rescue Plan that was passed earlier this year. Eligible families can receive half of their child tax credit in the form of a monthly payment of $250 for children 6 -17 years old and $300 for children under 6 years old from July through December 2021.
However, the IRS is giving parents the option to “opt out” of the monthly payments and continue with getting a lump sum payment at tax time. If you would like to “opt out” of the monthly payments, click here to access that option.