First Child Tax Credit Payments Go Out Today
Parents...check your bank accounts! According to the IRS and the Treasury Department, tens of millions of families have been sent the first payment of the expanded child tax credit, according to CNN. I can confirm this, as ours posted in our bank account this morning. The payments were part of the stimulus package that President Biden signed into law back in March. Still unsure if you qualify?
The full enhanced credit will be available to heads of households earning $112,500 and couples making up to $150,000 a year. After that, the amount phases to lower numbers. If you want to check and see if you are eligible, you can through THIS IRS website. The child tax credit was expanded up to $3600 for each child under 6, and $3000 for each child age 6 to 17. The old number was $2000 for each dependent.
So, all of this means that eligible parents will get up to $300 a month per child under 6, and up to $250 a month per child ages 6 to 17. Payments start today, and will post of the 15th of each moth through December, unless it is a holiday. Parents can then claim the other half of the credit when they file their taxes in 2022.
CNN reports that most American families will automatically get the payments because they filed their tax returns in either 2019 or 2020, and claimed the child tax credit. You will also get your money sent to you if your signed up through the IRS portal for your stimulus payments. 86% of these advance payments will be sent via direct deposit.