Monthly advance child tax credit payments start this week

[SoonerPride]

https://www.13newsnow.com/article/news/nation-world/monthly-child-tax-credit-payment-july-15/507-bbb084d9-4e68-4f7d-95d3-ff530bc9db7f

Monthly child tax credit advance payments are set to start going out to eligible parents this week, on Thursday July 15. The payment installments are part of the American Rescue Plan COVID relief bill signed back in March.

The child tax credit is not new. Eligible parents have already been receiving $2,000 from the government for each qualifying child when they receive an annual tax refund. The difference now is that the amount has increased, and there will also be the ability to receive up to half of the money, in advance, in the form of monthly payments this year.


How much is the child tax credit?

For each child under age 6 it is $3,600. That breaks down to $300 per month. For children ages 6-17, it is $3,000, or a breakdown of $250 per month. Children who turn 17 in 2021 are among those who qualify.

The payments will go to those with these adjustable gross incomes:

$75,000 or less for singles
$112,500 or less for heads of household
$150,000 or less for married couples filing a joint return and qualified widows and widowers

When do child tax credit payments start?

Thursday, July 15 is when the monthly payments begin.

Because this is starting in the middle of the year, only half the money will come via monthly payments. The rest will come after taxes are filed, as part of refunds next spring, or funds will be deducted by the IRS if a taxpayer owes money.

I think this is a BIG FUCKING DEAL and that a LOT OF VOTERS will credit Biden and the Democrats for this money showing up in their bank accounts.

All Democrats everywhere need to tell people if you elect any more Republicans THEY WILL TAKE THIS MONEY AWAY FROM YOU.

[Shell_Seas]

1. It's a big deal for me, I have 3 kids.

[LonePirate]

2. Every Democrat should be shouting about this. This is a huge financial boost for families.

An extra $750-$900/month for a family with three kids is a BFD.

[honest.abe]

3. We have just one kid and it's still a BFD.