Monthly Payments of Advance Child Tax Credit to Families with Kids Begins July 15th
Friday Jul. 16th, 2021
Helena, MONT. — As part of the American Rescue Plan, and in an effort to address financial impact of COVID-19 on families, monthly payments of the Child Tax Credit are set to begin this week. Families with kids age seventeen and under could receive up to $300 a month per child through the end of the year.
According to the Administration for Children & Families Office of Child Care, “roughly 39 million households – covering 65 million children (90% of children in the United States) – will automatically receive the new Child Tax Credit dollars.” Many families will be eligible to receive these additional dollars, with expanded eligibility to those who do not file taxes because of their income. The Advance Child Tax Credit is temporary and in addition to the yearly Child Tax Credit that families receive when filing their taxes.
On Thursday, July 15, the additional Child Tax Credit will begin via direct deposit and mailed check to people who have filed their taxes. People with children who are not required to file their taxes will need to sign-up through the Internal Revenue Service by heading to https://www.irs.gov/credits-deductions/child- tax-credit-non-filer-sign-up-tool. Families may also check their eligibility, change how they receive their payments, or update their information at https://www.irs.gov/credits-deductions/advance-child-tax-credit- payments-in-2021.
“This tax credit is available to all families, and parents have the power to choose how to use these funds in whatever way works best for them. That could mean investing in their child’s future and education, paying for immediate goods and services such as food or diapers, and even putting money towards the high monthly costs of child care. In Montana, child care costs can top out at just over $1,000 a month and although we know how important it is to reduce the cost of child care across our state, this immediate relief is what parents are asking for so that they can make financial decisions today. Although these monthly payments are temporary for now, we’re looking forward to seeing strategies to expand and extend this additional Child Tax Credit beyond this year. With long-term monthly payments that families can count on, parents have more options to support their families,” said Caitlin Jensen, Executive Director of Zero to Five Montana.
Zero to Five Montana encourages families and parents to share their child care story or how these monthly payments will impact them. Those interested can reach out to the organization on social media or contact Jenna Rhoads, Communications Manager at Zero to Five Montana, at email@example.com.
For information about the Advance Child Tax Credit, visit https://www.irs.gov/credits-deductions/advance- child-tax-credit-payments-in-2021. For more information about Zero to Five Montana, visit www.zerotofive.org/ or follow the organization on social media via Facebook, Instagram, and Twitter.