As part of the American Rescue Plan Act, certain families will be receiving monthly payments beginning today, July 15, through December 2021. These specific families will receive these monthly payments directly from the Internal Revenue Service (IRS), whether that be through direct deposit, paper checks, or debit cards.
What Are These Payments?
These payments differ from the Economic Impact Payments most individuals received amidst the pandemic. These new payments are a direct result of important changes to the Child Tax Credit. The IRS will pay half the total credit amount in advance monthly payments, and families will claim the other half when they file their 2021 income tax return.
To learn more about these changes and to see if you're eligible, click here: https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021
When Will I Get My Payments?
If you qualify for the payments, you'll get them on, roughly, the 15th of each month. These payments will be sent to you automatically should you qualify, so you don't have to do anything.
What Should I Look Out For?
Whenever money is involved, it is safe to assume that scammers are already hard at work. In terms of these American Rescue Plan payments, it's possible that you may receive calls, emails, texts, or Direct Messages via social media sent to you.
Should this occur, here's what to look for:
- They'll say they can help you get your payments earlier. This is not true, remember the timeline mentioned above.
- They'll tell you that they can get you more money. Also false, your payment cannot be randomly increased.
- They're not with the IRS, but they want to make sure you receive your payment. Red flag! Only the IRS will be sending these payments. Anyone trying to "help" you is really after your money.
- "The government" reaches out to you requesting information. Ignore, delete, block! The government/IRS will NEVER call, text, email, or contact you over social media asking for money or confidential information.
- You have to spend money to get your money. Never! The IRS will never demand that you pay them by gift card, wire transfer, or cryptocurrency to secure your payment.
Keep your money and personal information safe out there!
For the latest information regarding these payments, please look to the IRS website: https://www.irs.gov/.