Advanced Child Tax Payment
By: Samuel Mack
Senior Accountant at Cordell, Neher & Company, PLLC
The first advanced child tax payment will be sent to parents on July 15th. The child tax credit was expanded through the American Rescue Plan act signed into law on March 11th. The credit has been increased from $2,000 per child to $3,600 for a child under 6 years old and $3,000 for a child 6 years and older. Half of the overall credit can be advanced in the form of a monthly payment through the end of the 2021 tax year. Parents that would like to receive these payments will notice six deposits into their bank accounts or checks sent to the address on their 2020 Form 1040. If you would not like to receive the child tax credit in advance and instead use the full amount against your tax liability in April you can opt out following the following steps:
- Go to the child tax credit update portal and click manage advance payments button. The link is provided below
- Create an IRS ID.me account.
- Once logged in select unroll from monthly payments.
For questions regarding the child tax credit, reach out to our team of tax professionals today at (509) 663-1661.
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