Parents, youre probably getting a monthly cash infusion for each minor child during the second half of 2021.
Monthly payments for the temporary extra child tax credits willstart hitting bank accounts July 15.
Half of that money will be paid out as an advance via monthly installment payments.
This post refers to advance child tax credit payments issued in 2021. For the most up-to-date info, check out ourrecent tax articles.
Youll then receive the other half of the credit when youfile a tax returnfor 2021 next year.
But the rules can get confusing if your kid is celebrating a sixth or 18th birthday soon.
Here are the cut-off dates based on your childs date of birth.
For other eligibility rules, including income limits, check out ourchild tax credit FAQ.
Then youll get a $1,500 tax credit when you file your 2021 tax return.
Probably not as good as youd like.
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But what if your car breaks down, or you have a sudden medical bill?
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But if youre the parent of a 2003 baby?
Then youll receive an $1,800 tax credit when you file your 2021 tax return.
What About the Babies Born in 2021?
If your child was born in 2021, youll still qualify for the full $3,600 tax credit.
Otherwise, youll have to wait and receive the entire $3,600 credit when you file your taxes.
Robin Hartill is a certified financial planner and a senior writer at The Penny Hoarder.
She writes the Dear Penny personal finance advice column.
Send your tricky money questions to[email protected].
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…
