Child advance payments now monthly?

Published: 7/15/2021 11:59:45 AM

Child advance payments are either 3600 a year if under 6 or 3000 under 18.

The government child credit previsouly was 2000 and paid with filing of tax return. This often got the filer a "big" refund.

The governemnt, unless you opt out, wants to pay you monthly. So 3000 would translate into 250 a month for the child being deposited into you account.

The problem might be:

Filers are used to count on and budget for a refund might not get it.

You might not qualify and have to pay it back.

Divorce decrees where the child credit alternates parents could be problem prone.

Hope this helps and call with questions.