August child tax credit payments coming early
According to the IRS, the second installment of the payments will hit bank accounts on August 13.
KNOXVILLE, Tenn. (WVLT) - Parents can expect to receive their child tax credit payment early this month.
According to the IRS, the second installment of the payments will hit bank accounts on August 13. The payments are set to arrive on the 15th of each month through December 2021. August’s payment will arrive early because August 15 is a Sunday.
Families who qualify will receive $300 per child under the age of 6 each month. Families with children ages 6-17 will receive $250 per month. The payments will phase out for high-income earning parents filing jointly who earn over $150,000.
The six payment dates payments should be expected are:
The IRS said parents can choose to receive the full benefit at tax time as opposed to monthly payments. On July 1, the IRS launched a tool to allow parents to opt-out of the monthly payments and receive a single credit.
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