The Child Tax Credit (CTC) is a tax credit that helps families with the cost of raising children. The CTC is available to families with eligible children under the age of 17. The amount of the credit depends on the child’s age and the family’s income. The CTC can be claimed on tax returns or received in advance through monthly direct payments.
Timing of Child Tax Credit Payments
The Child Tax Credit (CTC) is a tax credit that helps families with the cost of raising children. The CTC is available to families who meet certain income requirements. The credit is paid out in monthly installments from July to December. The amount of the credit depends on the number of children in the family and the family’s income.
What is the Child Tax Credit?
- The Child Tax Credit (CTC) is a tax credit for families with children under the age of 17.
- The CTC is worth up to $2,000 per child, and the amount of the credit decreases as your income increases.
- The CTC is available to families who file their taxes using the Earned Income Tax Credit (EITC), and it can be claimed on your tax return or through monthly payments.
When are Child Tax Credit Payments Made?
The CTC is paid out in monthly installments from July to December. The payments are made on the 15th of each month, except for August when the payment is made on the 13th.
How to Get Child Tax Credit Payments
To receive the CTC, you must file your taxes using the EITC. You can claim the CTC on your tax return or through monthly payments. If you choose to receive the CTC through monthly payments, you will need to register for the program with the IRS.
CTC Payment Schedule
The following table shows the CTC payment schedule for 2022:
| Month | Payment Date | Amount |
|---|---|---|
| July | July 15 | $300 per child |
| August | August 13 | $300 per child |
| September | September 15 | $300 per child |
| October | October 15 | $300 per child |
| November | November 15 | $300 per child |
| December | December 15 | $300 per child |
Direct Deposit Instructions for Child Tax Credit
Eligible families will receive the Child Tax Credit (CTC) payments through direct deposit. The IRS will use the bank account information you provided on your 2020 or 2021 tax return to deposit the payments.
To ensure a smooth direct deposit, follow these instructions:
- Confirm your bank account information on the IRS website or by calling the IRS at 1-800-908-9946.
- Make sure your bank account is active and accepting ACH transfers.
- Update your bank account information on the IRS website or through the IRS2Go app if it changes.
Payment Schedule:
| Payment Number | Payment Date |
|---|---|
| 1 | July 15, 2021 |
| 2 | August 13, 2021 |
| 3 | September 15, 2021 |
| 4 | October 15, 2021 |
| 5 | November 15, 2021 |
| 6 | December 15, 2021 |
Note: The CTC payments will be reflected in your bank account as “CTC” or “CHILDCTC.”
Troubleshooting Tips:
- If you do not receive your CTC payment by the expected payment date, contact the IRS at 1-800-908-9946.
- Verify that your bank account information is correct on the IRS website or through the IRS2Go app.
- Ensure that your bank account is active and accepts ACH transfers.
Eligibility Criteria for Child Tax Credit Direct Deposit
To qualify for direct deposit of the Child Tax Credit, you must meet certain eligibility criteria, including:
- You must have a valid Social Security number (SSN) or Individual Taxpayer Identification Number (ITIN) for yourself and your qualifying child(ren).
- You must have filed a tax return for the most recent tax year or be in the process of filing.
- Your adjusted gross income (AGI) must be within certain limits. For 2023, the AGI limits are:
| Filing Status | AGI Limit |
|---|---|
| Single | $200,000 |
| Married Filing Jointly | $400,000 |
| Married Filing Separately | $200,000 |
| Head of Household | $200,000 |
If you meet all of the above criteria, you can provide the IRS with your direct deposit information on your tax return. This information includes your bank account number, routing number, and the type of account (checking or savings).
How to Track the Status of Your Child Tax Credit Direct Deposit
The Child Tax Credit is a monthly payment of up to $300 per child under the age of 6, and $250 per child ages 6-17. The payments are made from July 2021 through December 2021.
If you are eligible for the Child Tax Credit, the payments will be deposited into your bank account on the 15th of each month. You can track the status of your direct deposit by following these steps:
- Go to the IRS Child Tax Credit Update Portal.
- Enter your Social Security number, date of birth, and address.
- Click on the “View Payment History” tab.
On the Payment History page, you will see a list of all the Child Tax Credit payments that have been deposited into your account. You will also see the date the payment was made, the amount of the payment, and the bank account the payment was deposited into.
If you have not received a Child Tax Credit payment that you were expecting, you can contact the IRS at 1-800-829-1040.
| Payment Date | Amount |
|---|---|
| July 15, 2021 | $300 per child under 6 $250 per child ages 6-17 |
| August 15, 2021 | $300 per child under 6 $250 per child ages 6-17 |
| September 15, 2021 | $300 per child under 6 $250 per child ages 6-17 |
| October 15, 2021 | $300 per child under 6 $250 per child ages 6-17 |
| November 15, 2021 | $300 per child under 6 $250 per child ages 6-17 |
| December 15, 2021 | $300 per child under 6 $250 per child ages 6-17 |
Thanks for sticking with me till the end! Now that you know the ins and outs of receiving the Child Tax Credit via direct deposit, you can rest assured that you’re getting the support you need. If you have any more questions, don’t hesitate to come back and give this article another read. I’m always here to help you navigate the complexities of finances and make the most of your money. Stay tuned for more informative and practical content coming your way soon!