Stimulus update: When will next child tax credit payment be sent? Date for next check – NJ.com

Parents started to see advance payments from the expanded child tax credit that’s part of the $1.9 trillion American Rescue Plan in their bank accounts last week.

The IRS started sending direct deposits to eligible families on July 15. It said the first batch of payments, worth as much as $300 per child, went to about 35 million families and is worth about $15 billion. Paper checks will follow, it said.

The payments will go out monthly. The next payment will go out on August 13, because the 15th falls on a Sunday. The other payments are scheduled to go out on the 15th of the month, for the rest of the year.

The full child tax credit is $3,600 per child up to age 6, or $300 a month, and $3,000 per child ages 6 to 17, or $250 per month.

The full monthly payments will go to single taxpayers who have adjusted gross income of up to $75,000 and married couples who file a joint tax return and have income up to $150,000. People who earn more get a partial benefit until it phases out, going down by $50 for every additional $1,000 of income.

Those who are not eligible for the higher amounts can still claim $2,000 per child — the previous amount available — as long as adjusted gross income is below $200,000 for singles and $400,000 for those married people who file joint returns.

If you don’t want the monthly payments, you can opt out using the IRS’ Child Tax Credit Update Portal.

The deadline to stop payments is 11:59 p.m. on each date:

  • Aug. 2 for the Aug. 15 payment
  • Aug. 30 for the Sept. 15 payment
  • Oct. 4 for the Oct,. 15 payment
  • Nov. 1 for the Nov. 15 payment
  • Nov. 29 for the Dec. 15 payment

You can also use the tool to update your bank account information.

The IRS calculated your eligibility for the payments based on your most recent tax return or information you entered into its IRS’ Non-Filers tool last year.

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Karin Price Mueller may be reached at KPriceMueller@NJAdvanceMedia.com.