Understand the Advance Child Tax Credit Payments

We want to help you understand the advance Child Tax Credit payments being processed by the IRS.

Cash App customers with account and routing numbers on file with the IRS will begin receiving advance Child Tax Credit payments as soon as the week of July 12th.

Who is eligible for a Child Tax Credit payment?

The maximum credit is available to taxpayers with a modified adjusted gross income of:

• $75,000 or less for single filers and married persons filing separate returns,

• $112,500 or less for heads of household, and

• $150,000 or less for married couples filing a joint return and qualifying widows and widowers.

Advance payments of the 2021 Child Tax Credit will be made monthly from July 15 through December 15 to eligible taxpayers who have a main home in the United States for more than half the year.

Qualifying families claiming the Child Tax Credit will receive:

• Up to $250 per month per qualifying child between the ages of 6 and 17

• Up to $300 per qualifying child under age 6

The remainder of the Child Tax Credit payments will be made upon filing of 2021 tax returns.
You can check your eligibility with the IRS here.

How can I get my payment?

Your Child Tax Credit payments could come in a few different forms: a direct deposit to a routing and account number (like the one you can get through your Cash App account) or a paper check.

Those who already have their direct deposit payment information on file with the IRS will be among the first to receive their advance Child Tax Credit payments.

If you filed a tax return, you can update your payment information on file with the IRS using the official Child Tax Credit Update Portal. You can use your Cash App routing and account number to get your payments up to 2 days earlier than many other banks.

If you are a U.S. citizen or permanent resident who doesn’t have a filing obligation and didn’t file a federal income tax return in 2020 or 2021, you can still apply for advance Child Tax Credit payments by filing using the non-filer’s portal provided by the IRS here.

How can I check the status of my advance payments?

The IRS is sending out millions of direct payments, and that can take a bit of time. You can track your payment on the IRS Child Tax Credit Update Portal.

When will I receive my credit?

Credit payments will be made monthly beginning on July 15, 2021 and ending on December 15, 2021. A reminder that if you use your Cash App routing and account number to get your payments, you can receive your money up to 2 days earlier than many other banks.

What happens if I earned more than $75,000?

If you declared more than $75,000 of income on your last tax return, or as a married couple declared a combined income of more than $150,000, then you may receive smaller payments.

What if someone offers to speed up my payment?

If something looks too good to be true, it almost always is. Now is a good time to be extra wary of scams. Don’t click on links whose origins you aren’t 100% sure of. Check and recheck the usernames and email addresses of people you engage with online. And don’t send money to someone you don’t know.

Where should I go to learn more?

There are many good resources available online regarding the advance Child Tax Credit payments. The official IRS website is one of the best.