On Monday, May 17, 2021, the US Department of Treasury (along with the Internal Revenue Service/IRS) announced that the first installment of the expanded CTC would start on July 15, 2021. Treasury also announced that 88 percent of families would automatically receive the monthly payment.
Approximately 39 million households will be covered and that translates into the 88 percent figure. The payments would be on every 15th of the month (except when on weekends and holidays). Eligible families will receive a payment of up to $300 per month for each child under age 6 and up to $250 per month for each child aged 6 and above.
Sixty-five million children will receive the monthly CTC payments through direct deposit, paper check, or debit cards. Treasury and the IRS are encouraging more families to enroll in a direct deposit to ensure fast and secure delivery. Like the earlier tax rebates or payments most taxpayers will not be required to take any action to receive their payments.
Additional information for taxpayers on how they can access the Child Tax Credit is here.
