Monthly Payments for Expanded Child Tax Credit Expected to Start in July
reports that during an April 13 Senate Finance Committee hearing
, Commissioner Charles Rettig said that IRS is on track to begin sending monthly payments from the new child tax credit in July. IRS plans to launch an online portal to let taxpayers update their personal information related to the credit.
Under the American Rescue Plan Act, families will receive a $3,000 annual benefit per child ages 6 to 17 and $3,600 per child under the age of 6 for the 2021 tax year.
The full credit is available to individuals who have children and adjusted gross income of $75,000 or less, or $150,000 for a married couple filing jointly.