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For the 2021 tax year only, the Child Tax Credit rises to $3,600 per child for ages 5 and under and $3,000 for children ages 6-17. Qualifying taxpayers will receive total advance payments equal to half of these credit amounts per the following payment schedule.

  • July 15, 2021
  • August 15, 2021
  • September 15, 2021
  • October 15, 2021
  • November 15, 2021
  • December 15, 2021

Who qualifies for the advance child tax credit payments?

Note that not every taxpayer will qualify for these advance payments. To qualify, a taxpayer must have:

Given the IRS a way to determine whether the taxpayer is likely to qualify for the Child Tax Credit, by either having: filed a 2019 or 2020 tax return and claimed the Child Tax Credit or given the IRS information in 2020 to receive the Economic Impact Payment using the Non-Filers: Enter Payment Info Here tool. Also to qualify the taxpayer must also have a main home in the United States (50 states and DC) for more than half the year or file a joint return with a spouse who has a main home in the United States for more than half the year; and a qualifying child who is under age 18 at the end of 2021 who has a valid Social Security number; and made less than certain adjusted gross income limits.

  • Single or married filing separate – $75,000
  • Head of Household – $112,500
  • Married filing joint or qualifying widows/widowers – $150,000

What if I do not want these payments?

Unlike many tax refunds, to receive this advance refund, most taxpayers do not need to do anything to receive these payments. If you qualify, you will receive your advance credits. If you want to opt out of these payments, you can do that as well. You can manage your advance payments through the IRS portal. There is a handy tool that will ask questions to determine your income, withholdings, and anticipated income for the rest of 2021. This tool is designed for wage earners with no complexity on the tax return and no large swings from year to year.

Matt Turrin, CPA

Tax Manager

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