The first monthly payments of the expanded and newly-advanceable Child Tax Credit from the American Rescue Plan will be made starting July 15. Most families will begin receiving monthly payments without any additional action. Eligible families will receive a payment of up to $300 per month for each child under age 6, and up to $250 per month for each child ages 6 to 17.

People who don’t need to file a 2020 federal tax return can also use the Non-filer Sign-up Tool to register to receive the advance CTC payments, the Third Round Economic Impact Payment, and the Recovery Rebate Credit.

The IRS encourages people to request payments via direct deposit, which is faster and more secure than other payment methods. People who don’t have a bank account should visit the Federal Deposit Insurance Corporation website for details on opening an account online. They can also use the FDIC’s BankFind tool to locate an FDIC-insured bank.

People can check their eligibility for the AdvCTC payments by using the new Advance Child Tax Credit Eligibility Assistant.

This link will also taxpayers to opt out of receiving the advanced tax credit if they prefer to receive the entire credit at one time when they file their 2021 federal income tax return. However, you must create a separate account for both the taxpayer and spouse since the IRS requires both parents in a two-parent household to unenroll separately.

It is too late to opt out of the July 15 payment, but you can opt out of all subsequent payments if you sign up now.

Finally, like the 2020 stimulus payments, this is an advance against the actual credit that will be calculated when taxpayers prepare their 2021 tax returns. So taxpayers must keep track of all advance payments received to prevent delays in the IRS processing their 2021 tax refunds.