The IRS released new information related to the child tax credit before millions are distributed in mid-July.
HOUSTON, Texas — In two weeks, parents will be eligible to get monthly payments as part of the extended child tax credit. The IRS released new information related to the child tax credit before millions are distributed in mid-July. Earlier this year, Congress increased the amount of money parents receive for the child tax credit. Congress also created an advance on the payment, so parents don’t have to wait until they file their taxes. The IRS said the first payment will arrive on July 15. From then on, it’ll arrive every 15th day of the month, except in August, when it’ll arrive on the 13th. The amount of money depends on the age of your child, how many children you have, and what your taxable income was. The IRS is using 2019 and 2020 tax returns. If you’re single and made less than $75,000, you’ll get the full amount.
