The Federal stimulus child tax credit payments starting going out early this morning. I check my account and have received an additional $250.00 from the I.R.S. So if you haven't checked your account yet, you might want to see if you got yours. The payments will continue every month through December 2021 with the remainder of the tax credit applied to your 2021 income taxes. Basically you'll be getting half now, half later.

So who's getting paid and how do you see if you qualify for the payments? That's the big question everyone wants answered. The child tax credit payments are a part of the American Rescue Plan Act of 2021 signed by President Joe Biden. Families with children ages 5 and under will receive $3,600 and $3,000 for children ages 6-17. The plan increased the standard child tax credit for 2021 from $2,000 to $3,000 and up to $3,600 for families with kids 5 and under for each child.

To qualify for the monthly child tax credit payments listed above you can not exceed an annual income of $150,000 for couples and single parents can not exceed an annual income of $112,500. Most people will get their payments electronically, some will get paper checks depending on how you filed and received your refund for your 2019 and 2020 taxes.

You can visit the official IRS website by clicking here to get all the details on the child tax credit payments and to see if you qualify. From the site you can also make changes to your current payment status or type and even un-enroll from the advance payment options if you'd prefer to receive your child tax credit payment as one lump sum when you file your 2021 Federal taxes.

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