Families with children and earning up to $150,000 qualify for the monthly payment starting July 15.
Parents with children under age 6 are eligible for up to $3,600 per child, or $300 per month. Parents with children from ages 6-17 are eligible for up to $3,000 per child, or $250 per month with the advance payments. For now, though, these increased amounts and advance payments are set to expire at the end of 2021.
“It’s going to be available on a monthly basis...so you can actually use it to take care of your kids rather than waiting til tax time,” says Stabenow.
If you've filed tax returns for 2019 or 2020, or if you signed up with the Non-Filer tool last year to receive a stimulus check from the Internal Revenue Service, you will get the monthly Child Tax Credit automatically.
The Internal Revenue Service created a tool to ensure families that haven't filed a tax return get the child tax credit.
The tool requires filers to enter personal information including their name, address, Social Security number and bank account number.
The expanded tax credit is part of the federal response to the economic fallout tied to the COVID-19 pandemic.