Child tax credit payments explained right here.
Monthly payments under the new child tax credit begin hitting bank accounts next month and registration is now underway for some families.
(Travis Pittman) Monthly child tax credit advance payments to eligible parents are now a month away. The installments are part of the American Rescue Plan COVID relief bill signed in March.
This child tax credit is not new. Eligible parents already receive $2,000 from the government for each qualifying child when they get their tax refund in the spring. The change here is that the amount has increased and there will be the ability to receive up to half of the money -- upfront -- in the form of monthly payments in the second half of this year. The monthly payments will be an advance on the money parents would get when they file their taxes in 2022.
But, parents will be allowed to opt-out of the advance payments and take it all at tax time. The Internal Revenue Service expects the online portal for that to be ready by July 1.
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Child tax credit payments explained
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