Starting July 15, cash from the federal government with no spending restrictions will be popping up in bank accounts as Americans shore up their finances in the pandemic.
Sounds like another stimulus check, right?
It’s the start of advance payments under the expanded Child Tax Credit (CTC).
Eligible families will get monthly payments of up to $250 for every child age 6 through 17, between July and December. Families will get up to $300 per child for every kid under age 6. The first payments will go out July 15 and the IRS will continue to issue payments in middle of each month through the end of 2021.
The Child Tax Credit has been paying families in lump sums at tax time for more than two decades. But earlier this year, Congress gave a one-time boost to the amount, broadened eligibility and enabled payments in advance monthly installments.
Federal lawmakers made these changes when passing the $1.9 trillion American Rescue Plan, a bill that also authorized $1,400 stimulus checks.
This year, the credit increases from $2,000 to up to $3,600 for children under age 6 and up to $3,000 for kids between age 6 and 17. Half the sum will be advanced and distributed monthly.
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