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Be on the lookout for Child Tax Credit monthly payments beginning July 15

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(© Michael Flippo – stock.adobe.com)

Virginia families should be on the lookout for advance monthly payments of the expanded Child Tax Credit.

On July 15, the Internal Revenue Service will send Virginia families half of their 2021 Child Tax Credit monthly payment amount — meaning up to $300 per child under age six and up to $250 per child ages six to 17.

Nearly all Virginia families should receive these monthly payments automatically with no further action required.

“As Central Virginia families recover from the pandemic, we must make sure parents have the support they need to fully return to the workforce. One major hurdle continues to be the rising cost of childcare, which is making it harder for families to keep up with the bills, save up, and get ahead,” said Rep. Abigail Spanberger (D-VA-07).

“Next week, Central Virginia families will be able to use these new payments to help cover weekly and monthly expenses like childcare — as well as gas, groceries, and back-to-school clothes. I was proud to support this provision as part of the American Rescue Plan, because more than 80 percent of children in the Seventh District  — nearly 150,000 children — will see the immediate benefits. I look forward to hearing directly from Central Virginia families about how the expanded Child Tax Credit is providing a new degree of financial peace of mind — and how we can improve or adjust it in the future.”

The American Rescue Plan expanded the Child Tax Credit from $2,000 per child to as much as $3,600 per child in 2021. Additionally, the legislation ensured that this credit is fully refundable.

Families are eligible for the tax credit based on their household income. Couples making up to $150,000 and single parents (or heads of household) making up to $112,500 are eligible for the full amount; above these income levels, families are eligible for a prorated, reduced amount.

Click here to learn more about the expanded Child Tax Credit.


Augusta Health Augusta Free Press Kris McMackin CPA
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Augusta Free Press