ORLANDO, Fla. - Starting in July, about 36 million families will receive monthly checks as part of President Biden's ‘American Rescue Plan.'
There is a new online portal that helps families register for the check. They can enter their personal information and direct deposit information to get advance payments starting in the summer of 2021.
CHILD TAX CREDIT TOOL: Click here to go to the IRS website and use the online portal
Certain parents need to sign up as soon as possible to make sure they get the advance child credit when they go out on July 15th.
How the advance child tax credit works
President Biden's ‘American Rescue Plan' expanded the annual child tax credit from $2,000 to up to $3,600 per child.
Under the law, low- and middle-income parents can expect to receive $3,000 for every child ages 6 to 17 and $3,600 for every child under age 6. The expanded amounts are tapered off once income hits $75,000 for individuals and $150,000 for married couples.
The Internal Revenue Service (IRS) is paying half of the credit amount in advance, monthly, from July to December. So, that means by the end of the year, parents will have received about $1,800 per child. They then can then claim the rest of the credit on their taxes next year.
Monthly payments will be up to $300 and begin July 15th.
If families earn too much to qualify for the sweetened tax credits, they can still receive the $2,000 credit for their children if their income level is below $200,000 for individuals and $400,000 for married couples.
Who needs to register with the online portal now
If you have not filed taxes this year, then you need to make sure you sign up online with the IRS Child Tax Credit Non-Filer sign-up tool.
If you filed a 2020 tax return or plan to, do not use this tool. The IRS will automatically send you a check or direct deposit to your bank account.
On Monday, Congressman Darren Soto will hold an event in Kissimmee about the advance payments.
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