Starting July 15, families with children will begin receiving monthly stimulus payments as part of President Joe Biden’s US bailout.
As we previously reported, the child tax credit was $ 2,000 for most families, but was extended to $ 3,000 for children over 6 and $ 3,600 per child over 6. less than 6 years old.
The credit will be distributed in monthly installments that will vary from $ 250 to $ 300 per child and will arrive by mail or direct deposit from July to December. The remaining amount can be claimed when filing 2021 taxes.
Those who have filed their 2019 or 2020 taxes or signed up for stimulus payments using the IRS non-filer tool will automatically receive a payment.
What was originally supposed to be a temporary boost to the economy during the COVID-19 pandemic may become permanent if President Biden gets what he wants. AL.com reports that the president is pushing Congress to make the payments permanent, according to a White House statement:
The new child tax credit passed in the US bailout is only valid for 2021, but President Biden’s US Family Plan proposes to extend the credit for years and years to come.
Who is entitled to payment?
Couples earning less than $ 150,000 per year and single parents earning less than $ 112,500 per year.
What if I don’t want the payment?
Families who prefer to receive payment as a lump sum in 2022 simply need to opt out using the Child Tax Credit Update Portal at this location.