Monthly Child Tax Credit Payments

Monthly Child Tax Credit Payments

The first batch of advance monthly payments were issued by the IRS on July 15, 2021. Under the American Rescue Plan, each payment is up to $300 per month for each child under age 6 and up to $250 per month for each child ages 6 through 17. Normally, anyone who receives a payment this month will also receive a payment each month for the rest of 2021 unless they unenroll. Besides the July 15 payment, payment dates are: Aug. 13, Sept. 15, Oct. 15, Nov. 15 and Dec. 15.

The full enhanced credit will be given to single filers who earn as much as $112,500 and joint filers making up to $150,000 a year. The payments begin to decrease for those making more, with the credit completely phasing out for single payers earning more than $200,000 or for married couples with incomes above $400,000.

The IRS determines the age of a child by how old the child is at the end of the 2021 calendar year. So children turning 18 this year will not be eligible.

Further information can be found at:

https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments...

Source - https://www.irs.gov/newsroom/irs-monthly-child-tax-credit-payments-begin

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The Cultural Alliance of Greater Washington has worked with Bormel, Grice & Huyett, P.A., since 1988. Their knowledge of the arts and the arts community make their services invaluable. They can translate accounting terminology into a comprehensive language. For many organizations, the accounting firm of Bormel, Grice & Huyett provides the financial "information bridge." We whole-heartedly recommend Bormel, Grice & Huyett, excellent accountants who care about our arts organizations.
Jennifer Cover Payne, Executive Director, Cultural Alliance of Greater Washington

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