Advance child tax credit payments have begun

From July 15 through December 2021, Treasury and the IRS will advance one half of the estimated 2021 child tax credit in monthly payments to eligible taxpayers.

The monthly advance payments will be estimated from an individual’s 2020 tax return, or the 2019 tax return if 2020 information is not yet available. The payments will begin July 15 and follow monthly thereafter, through December 15. Taxpayers will claim the remaining child tax based on their 2021 information when they file their 2021 income tax return.

Go to this IRS website to learn about the advance payments for the credit and to set up access to your personal account portal. Note that in your personal portal you can also opt out of receiving the advance payments. This will allow the credit to be used in full as a credit on your 2021 Form 1040. (Reports are that, not surprisingly, the portal set-up is not very user-friendly.)