The first child tax credit payments are made today
Parents … check your bank accounts! According to the IRS and the Treasury Department, tens of millions of families received the first payment of the extended child tax credit, according to CNN. I can confirm that, as ours posted on our bank account this morning. The payments were part of the stimulus package President Biden enacted in March. Still not sure if you qualify?
The full enhanced credit will be available to heads of households earning $ 112,500 and couples earning up to $ 150,000 per year. After that, the amount goes to lower numbers. If you would like to check and see if you are eligible, you can do so through THIS IRS website. The child tax credit has been increased to $ 3,600 for each child under the age of 6 and to $ 3,000 for each child between the ages of 6 and 17. The old number was $ 2,000 for each dependent.
So, all of this means that eligible parents will receive up to $ 300 per month per child under 6 and up to $ 250 per month per child 6 to 17. Payments start today and will be posted from the 15th of each month until December, unless it’s a statutory 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 receive the payments because they filed their taxes in 2019 or 2020 and claimed the child tax credit. You will also receive your money back if you signed up through the IRS portal for your stimulus payments. 86% of these deposits will be sent by direct deposit.