Most Maryland taxpayers with children will start receiving $300 monthly payments beginning July 15 as part of the federal American Rescue Plan approved earlier this year to spur an economy battered by the coronavirus pandemic.
Taxpayers will receive payments of $300 per month for children between ages 0 and 5 and $250 children age 6 to 17. The payments will continue through the end of the year, with the remainder of the tax credit being applied to your 2021 tax bill.
The total payment allowed under the Child Tax Credit is $3,600 for children 0 to 5 and $3,000 for children 6 to 17.
Families qualify for the credit if their income is below $75,000 for single filers, $112,000 for people filing as head of household and $150,000 for people who are married and filing jointly.
In most cases, payments will be sent automatically. You do not need to take any action if you filed tax returns in 2019 or 2020, or if signed up to receive a stimulus check from the Internal Revenue Service. The payments will be sent via direct deposit. If the IRS does not have your direct deposit information, a check will be mailed.