If, you can expect to get the first on July 15. But do you know how the IRS will send your payment for up to $300 a month per child? ( here.)
The IRS estimates that 88% of will automatically receive a payment starting July 15 -- unless you and choose to receive one check in 2022. A pandemic-inspired benefit like the , the child cash benefit payments will go out each month to , through direct deposits straight to bank accounts, as paper checks in the mail and on debit cards.
While the majority ofwill receive their money through direct deposit, details about the debit card payments are still murky. Here's what we do -- and don't -- know about child tax credit debit cards. For more, learn about to help you manage your payments and what to do if you're still .
Who might receive their child tax credit money on a debit card?
The IRS on May 17 said debit cards would be one of three ways it will deliver child tax credit payments each month, direct deposits and paper checks being the other two methods. Most of the payments are expected to go straight into bank accounts -- 80% of tax refunds are sent as direct deposit, and the IRS said it is "committed to maximizing the use of direct deposit" for child tax credit payments. As with and all three stimulus checks, people who don't have direct deposit information on file with the IRS will receive either a paper check or debit card.
The IRS told CNET it is still working out the details for who gets what, but in general:
- The IRS sent Direct Express debit cards -- which the Social Security Administration and Department of Veterans Affairs use to send benefit payments -- and on prepaid to some people for all three rounds of payments. It isn't clear if you'll be able to change your payment delivery method in one of the when they launch by July 1. on
Who qualifies for the child tax credit payments?
The IRS estimatedfor the Children 17 years of age or younger are eligible for $3,000 each. Kids under the age of 6 qualify for $3,600 each. An 18-year-old dependent can qualify for a $500 payment. And a dependent between the age of 19 and 24 who is attending college full time can also qualify for $500.
When will the IRS send the payments?
Half of yourwill go out this year through monthly payments, starting July 15 through the middle of December. Then, when you file your taxes in 2022, you'll get the remainder of the money you qualify for.
For ways to save money this year through government programs, here's how toand through one-time COVID-19 credits and benefits.