Starting this week, approximately 39 million families will begin receiving payments from the newly expanded Child Tax Credit.
The enhanced tax credit is a part of the American Rescue Plan, and parents and guardians can expect to receive up to $3,600 per year for children younger than age six and $3,000 per year for those between 6 and 17. Half of the credit will be distributed as an advance on 2021 taxes in six monthly installments ($300 and $250, respectively). The exact amount of the credit and the payments depend on the income reported on your federal income tax return.
Click here for more information on eligibility and payment calculations.
