Child tax credit payments will likely start being made in July.
That was the word from the IRS on Wednesday. The agency expects to begin issuing the monthly payments on July 1, along with the introduction of a new tax credit portal.
The credit is being split between 2021 and 2022 and will allow parents to get advance monthly payments of up to $300 per child. The remainder would then be claimed as part of next year’s tax return.
The enhanced portion of the credit will be available for single parents with annual incomes up to $75,000 dollars and joint filers making up to $150,000 per year.