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Beginning on July 15, as part of President Biden’s $1.9 trillion coronavirus relief plan, families will begin to receive an expanded child tax credit.
It was announced on Tuesday that families eligible for the child tax credit will be able to receive up to $3,600 for each child under the age of 6. Signed into law in March, it is estimated that 39 million families and 65 million children will benefit from the advance payment.
The IRS wrote on Twitter, “#United States Internal Revenue Service Prepayment will be issued #ChildTaxCredit Payment on July 15, August 13, September 15, October 15, November 15, and December 15. Each child under 6 years old can pay up to US$300 per payment, and children between 6 to 17 years old can pay up to US$250 per payment. “
As previously reported, half of the money will come from monthly payments, and the other half will be refunded next year.
With the same bill, the family received another $1,400 stimulus check. Those who qualify for the stimulus check will also receive tax credits.
For families with incomes of less than US$150,000 or individuals with incomes of less than US$75,000, children between the ages of 6 and 17 will receive US$250, and children under the age of 6 will receive US$300. In addition, families expecting another child this year are also eligible for the stimulus, because the IRS allows parents to update their family size online.
If the IRS does not update the information about the new family through its online portal, parents will have to wait until the 2021 tax is submitted before they can claim the $3,600 tax credit.
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