The IRS laid out the payment schedule for some 36 million families who would be impacted by the advanced Child Tax Credit payments of $250 or $300 per child, depending on age. The payments will be made on:
[Ads /]
- July 15
- Aug. 13
- Sept. 15
- Oct. 15
- Nov. 15
- Dec. 15
Earlier this week, the IRS announced eligible families should be getting letters notifying them of the upcoming payments. Those families were eligible based on information included in either their 2019 or 2020 federal income tax, or through a non-filers tool on the IRS website for Economic Impact Payment registration.
The payments would be made either through direct deposit or check.
So, how much would you be getting?
Qualified families will receive a payment of up to $300 per month for each child under 6 and up to $250 per month for children between the ages of 6 and 17. The child tax credit was previously capped at $2,000 and only paid out to families with income tax obligations after they filed with the IRS.
SEE MORE: 3rd stimulus check: Tax filing impact, the child tax credit and other FAQs
3rd stimulus check: Tax filing impact, the child tax credit and other FAQs
[Ads /]
But for this year, couples earning $150,000 or less can receive the full payments. The benefits total $3,600 annually for children under 6 and $3,000 for those who are older. Single tax filers who earn $75,000 or less are also eligible for the full tax credit.
The payments are part of President Joe Biden's $1.9 trillion coronavirus relief package, which expanded the child tax credit for one year and made it possible to pre-pay the benefits on a monthly basis. Nearly 88% of children are set to receive the benefits without their parents needing to take any additional action.
The president has proposed an extension of the increased child tax credit through 2025 as part of his $1.8 trillion families plan. Outside analysts estimate that the payments could essentially halve child poverty. The expanded credits could cost roughly $100 billion a year.
The Associated Press contributed to this report. The video above is from a previous story.