Families Can Expect Boosted Child Tax Credit Deposits Soon
Utah families with minor children will soon receive the first monthly payment from the IRS for the boosted child tax credit.
Congress raised the child tax credit from $2,000 per child to $3,600 for children under the age of six and $3,000 for children ages six through 17.
The IRS said that the first monthly payments will begin on July 15th. Half of the credit will be paid in advance to families through monthly payments while the other half can be claimed on their 2021 tax return.
Utah families can check to see if they are eligible using a new tool found on the IRS website.
The IRS also plans to offer additional online tools that will allow people to notify the IRS of new babies or changes to marital status or income.
The IRS does stress that this is only for 2021 and that families shouldn’t plan on these payments as part of their 2022 budget.