Are child tax credit payments being mailed
The Child Tax Credit (CTC) is a refundable tax credit provided to eligible families with children under the age of 17. The credit was increased and made partially refundable as part of the American Rescue Plan Act of 2021.
As for the payment method, the IRS has been making advance payments of the Child Tax Credit to eligible families on a monthly basis since July 2021. These advance payments are intended to help families receive the credit more quickly and reduce the amount of taxes owed when filing their tax return.
According to the IRS, the advance payments are being made by direct deposit, paper check, or debit card, depending on the taxpayer's preference. If you have not received your advance payment, you can check the status of your payment on the IRS website or contact the IRS directly.
Here are some key points to keep in mind:
- Advance payments: The IRS is making advance payments of the Child Tax Credit to eligible families on a monthly basis from July 2021 to December 2021.
- Payment method: The payment method is determined by the taxpayer's preference, which was selected when filing their tax return or through the IRS's online portal.
- Check the status: You can check the status of your advance payment on the IRS website or contact the IRS directly if you have not received your payment.
- Final payment: The final payment of the Child Tax Credit will be made in December 2021, and it will include any remaining credit amount.
If you have any questions or concerns about the Child Tax Credit or your advance payment, you can contact the IRS at 1-800-829-1040 or visit their website at www.irs.gov.