Did you not receive your child tax credit monthly payment this month? Whether you've received one or two payments in the past, or you've never gotten a payment, there are some facts about the Advance Child Tax Credit you should know before you worry. Here is more information about the child tax credit requirements, payment dates, and how to let the IRS know where to send your money.
What are the Advance Child Tax Credit requirements?
First, you should find out if you qualify for the child tax credit, especially if you've never received an automatic payment to your bank account or a check in the mail. By now, you should have received at least some of the payments if you were eligible. You can check the IRS child tax credit eligibility tool to see if you should be getting one. It will let you know, according to your answers to a few simple questions, whether you qualify.
Only those who meet all of the following qualifications will receive the advanced payments:
- lived in the U.S. more than half the year in 2021, or filed a return with a spouse who has and
- has a qualifying child under 18 at the end of 2021 who has a social security number and
- made less than certain child tax credit income limits
You will also need to make sure that the IRS has your necessary information on file in order to send the payment. If you filed a 2019 or 2020 tax return and claimed the Child Tax Credit on your return, then they already have your information. They should also have it already if you gave them your information in order to receive the Economic Impact Payment or submitted your information with the Submit Your Information tool. Otherwise, the IRS won't have the info on file to make your payment.
How can I see any payments made?
The child tax credit payment dates are generally around the 15th of each month from July of 2021 to December of 2021. This can vary a bit depending on banking holidays, however the dates listed on the IRS website are:
- July 15
- August 13
- September 15
- October 15
- November 15
- December 15
You can see the payments from each of these dates by going to your online account at the IRS website. If it's your first time logging in, you may be asked to verify your identity and set up an account. If you have already made payments via the IRS website, you can use the same username and account information.
How much child tax credit will I get?
If you meet the guidelines for child tax credit eligibility, you may qualify for the following:
- $3,600 for children ages 5 and under
- $3,000 for children ages 6 through 17
Your total advance Child Tax Credit payment amounts will equal half of the amount of your estimated 2021 Child Tax Credit. This amount is then divided into monthly advance payments to you. Your advance will be divided up into six monthly payments for July through December. So, if you were to get $7,200 in total child tax credits for two children (ages 5 and under) in 2021, you'd get half of that ($3,600) in monthly payments of $600 per payment. The rest of the credit can be claimed on your taxes when you file your 2021 taxes in the spring of 2022.
My child is 18. Will I still get a payment?
Unlike past years, the 2021 advanced child tax credit payments being sent out by the IRS are only sending out advance credit for kids that are age 17 at the end of the 2021 tax year. (Previous years phase out the payments for children turning 17.) If your child turns 18 before the end of 2021, however, they won't qualify for the payments.
Do I make too much money for the advanced child tax credit payment?
For purposes of the advanced payments, the IRS has determined the child tax credit income limit to be:
- $150,000 for married and filing jointly
- $112,500 for head of household
- $75,000 for single filers
If you make more than the modified adjusted gross income (MAGI) limits set by the IRS, however, that number gets reduced to $2,000 per child and then phases out $50 for every $1,000 you earn over the limit. These thresholds are determined by adjusted gross income (AGI.) More information on how this number is calculated can be found here.
What if I qualify but still don't have my money?
The IRS states that you should wait five days from the date the payment is issued for electronic payments and at least four weeks if a check was mailed before filing for lost payment. If you still don't have a payment, and the IRS has deemed you eligible, you will need to mail or fax a completed Form 3911, which can be found here.