Starting this week, approximately 39 million families will begin receiving payments from the newly expanded Child Tax Credit.
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.