New Child Tax Credit Payments Start on July 15
(IRS) July 14, 2021 - Starting July 15, Iowa families will begin receiving monthly payments directly to their bank account or mailboxes thanks to the Biden Administration's American Rescue Plan. The expansion of the Child Tax Credit will provide $250 per child ages six through 17 and $300 per child under the age of six.
More than 85% of Iowa families with children will qualify for the new monthly payments. Couples making less than $150,000 and single parents making less than $112,500 will qualify for the full amount of the expanded Child Tax Credit. Families with higher incomes may receive a smaller credit. Eligibility information can be found at childtaxcredit.gov.
Iowans who have already filed taxes this year do not need to do anything to sign up for the payments. Families that do not normally file taxes who are eligible but must sign up to receive these payments through the IRS portal at: irs.gov/credits-deductions/child-tax-credit-non-filer-sign-up-tool