Advance Child Tax Credits Payments
Some members may start receiving Child Tax Credit through the American Rescue Plan in July either by check or direct deposit. Here are some details the Federal Reserve Bank has released:
Advance CTC payments will be disbursed in monthly installments. Payments will be issued either by direct deposit, as long as correct banking information has previously been provided to the IRS, or by check. Debit cards will not be issued for CTC payments in 2021.
The IRS has created a special Advance Child Tax Credit Payments in 2021 page designed to provide the most up-to-date information about the credit and the advance payments, including:
You should contact your tax preparer if you have additional questions.
Posted by Tracy Wells
Thursday, July 1, 2021 10:25:00 AM