The IRS says the next Child Tax Credit for eligible families will be paid on July 15. That credit was increased from $2,000 per eligible child before 2021 to $3,000 per child for children aged 6 to 17 and to $3,600 for children under 6 years old as part of the American Rescue Plan Act of 2021, the most recent COVID-19 aid package passed by Congress.
In order to qualify for the payments, you must have met one of the following conditions:
- If you’re single, your adjusted gross income (AGI) must be $75,000 or less.
- Heads of households must have an AGI of $112,500 or less.
- Married couples that file a joint tax return and qualified widows and widowers must have an AGI of $150,000 or less.
Anyone eligible will automatically get a payment provided they filed a tax return for the years 2019 or 2020, registered for economic impact payments using the Non-Filers tool on IRS.gov, or used the Non-Filer Sign-up Tool on IRS.gov to register for the Child Tax Credit.
Payments will either come via snail-mailed paper check or direct deposit. Since direct deposit payments will arrive faster, the IRS is advising everyone who is eligible to receive the Child Tax Credit to update their bank details, which you can do here. However, note that updated bank details will not apply to the July 15 payment. But the updated bank details will ensure you get your other monthly installments of the Child Tax Credit directly deposited to your bank account beginning with the August 13, 2021 payment.