Parents, check your bank accounts on Friday, Aug. 13.
Thats when the second installment of the advance child tax credit payments are scheduled for direct deposit.
If the IRS doesnt have your direct deposit information, youll receive your payment by check.
This post refers to child tax credit payments issued in 2021. For the most up-to-date info, check out ourrecent tax articles.
How Much Are the Payments?
Parents with children younger than 6 will receive a total credit of $3,600.
The credit for children ages 6 to 17 is $3,000.
How Do I Know if I Qualify?
Our team has compiled alist of creative waysyou can fatten your bank account this week.
This is a long list, so dont get overwhelmed.
Go ahead and start now, but be sure to bookmark this post so you could easily return later.
Well keep it updated as offers changes or expire.
A child is considered your dependent if you provide more than half of their support for the tax year.
What if I Didnt Get the First Credit?
There are a few other circumstances where youd need to take action.
For example, if you had a child in 2021, youll need to enroll to receive advance payments.
Otherwise, youll have to wait and receive the full credit when you file next years return.
Did you know?
However, the IRS says it will feature an option on its website to do so later this summer.
When Will I Get the Other 4 Payments?
The remaining four payments will be made on the following schedule, according to the IRS.
Can I Opt Out of the Advance Child Credit?
Parents can opt out of receiving the advance credits if theyd rather receive a larger tax refund next year.
The deadline for opting out of the Sept. 15 payments is Aug. 30.
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].
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
Ask one of these companies to help…
