Starting Thursday, July 15, the IRS will begin issuing advanced payments of the child tax credit to families who make $150,000 or less each year or single parents who earn $75,000 or less each year. The standard child tax credit is usually $2,000; this year it’s up to $3,600 for children 5 and under and $3,000 for children age 6 to 17.
A common misperception is this is another stimulus payment but it isn’t. Rather it is the child tax credit you normally receive when you file your taxes– you’re just receiving it in advance, and it is more money than normal. Unless you opted out of receiving the child tax credit in advance, you should expect a bigger tax bill when you file your return. To opt-out, both parents need to go to the IRS website, create an account, and opt-out through the portal. It’s not something an accountant can do for you.
More about Jeanne: Jeanne Tate is a Board Certified Adoption Attorney and the managing partner of Jeanne T. Tate, P.A., with offices in Tampa, Naples, Orlando and Merritt Island. Jeanne has an extensive and exclusive practice in the area of adoptions and is a member of the prestigious Academy of Adoption and Reproduction Attorneys and the Florida Adoption Council.