Families will receive payments of up to $300 for each child under the age of 6 and $250 for each child between 6-17. The maximum child tax credit has been increased to $3,600 for children under the age of 6 and $3,000 for children 6 and up.
These automatic payments will be made through direct deposit, check, and debit cards on the 15th of every month. Most families will not have to do anything as the IRS will be basing the payments on 2020 tax returns. For those who haven’t filed for 2020, they will use 2019 tax returns.
Child Tax Credit payments are fully refundable in 2021. This means you get the credit in advance of filing your tax returns.