According to the IRS, over 30 million families will be eligible for the enhanced child tax credit starting July 15th.
The American Rescue Plan Act, passed by the Senate early in March, includes provisions that increase the child tax credit to $3,000 per child.
Families with children under the age of 18 will start receiving a portion of the new credit starting July 15th.
If you have children under 17 with a Social Security Number and you meet the income requirements, you can be eligible for the monthly tax credit.
The enhanced CTC is worth up to $300 per month for each child under age 6 and $250 per month for each child under 6 to 17.
If your income falls within these limits, you can qualify for the full monthly payment.
- Individual filers- $75,000
- Head of household- $112,500
- Married filing jointly, and widows/widowers- $150,000
The IRS estimates that 90% of families will qualify for the tax credit. These will be paid by direct deposit or if you’re not opt-in you’ll need to wait for a check.
Let us know if you have questions about your eligibility.
