The IRS is on track to implement statutory changes to the 2021 child tax credit.
The IRS will begin making advance payments of the credit on July 15, 2021. The IRS will use the 2020 tax return to determine eligibility for the payments. Most families who qualify for the credit will get six payments, one each month from July through December. If the IRS has banking information on your 2020 income tax return, the monies will be direct deposited, if not, a paper check or debit card will be issued each month. Please keep track of any monies received as these amounts will need to be reconciled on your 2021 income tax return. Please keep any correspondence received from the IRS regarding these payments.
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