The expanded child tax credit as part of President Biden’s coronavirus relief plan, which will begin to pay families with children 17 and younger in July.
Families with children under the age of 6 will get a tax credit of $3,600 per child, while the tax credit for children between the ages of 6 and 17 will be $3,000, up from $2,000 per child.
For example, this year, a family with two young children would receive a tax cut of $7200, with a monthly payment of $600 starting in July. About 36 million families are expected to start receiving the benefit on July 15, 2021. The most complete information is available at childtaxcredit.gov.
If you filed taxes in 2019 or 2020 OR if you filed with the IRS and received a stimulus payment, you should receive your payment automatically. If you still need to file taxes or need help navigating the IRS portal, you can get assistance here.
The credit is available for couples who earn $150,000 or less a year, heads of households who earn $112,500 or less, and individuals who earn $75,000 or less.
