The IRS and Treasury have announced that millions of American families are now receiving their advance Child Tax Credit (CTC) payment for the month of August as direct deposits begin posting in bank accounts and checks arrive in mailboxes.
This second batch of advance monthly payments, worth about $15 billion, are reaching about 36 million families across the country. The majority will be issued by direct deposit.
Some families who received their first payment in July by direct deposit will receive check payments for August due to a processing issue the IRS expects to have corrected in time for the September payments. Those receiving their payments by paper check should allow extra time for delivery by mail through the end of August. Those wishing to receive future payments by direct deposit can make this change using the Child Tax Credit Update Portal, available only on IRS.gov. A change made by 11:59 p.m. ET on August 30 will apply starting with the September payment.
Under the American Rescue Plan, most eligible families received the first payment on July 15, and payments will continue each month for the rest of 2021. For these families, each payment is up to $300 per month for each child under age 6 and up to $250 per month for each child ages 6 through 17.
The final four payment dates are Sept. 15, Oct. 15, Nov. 15, and Dec. 15.
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