When will you receive your child tax credit check?
Families will get monthly payments of $250 to $300.
KNOXVILLE, Tenn. (WVLT) - Beginning in July, families will start to receive regular checks or deposits from the Internal Revenue Service as a part of the child tax credit payments.
Families will get monthly payments of $250 to $300. The money is part of an increase to the 2021 child tax credit from the American Rescue Plan that passed in March. The amount was previously $2,000 but has been increased to $3,000. Families with children under the age of 6 will get $3,600.
For the first time, 17-year-olds will also qualify for the payments.
This week, the IRS mailed notifications to more than 38 million parents to notify them of the upcoming payments.
The first payment is scheduled to go out on July 15. The payments will go out on the 15th of each month, according to the IRS. The six payment dates payments should be expected are:
The payments will phase out for high-income earning parents filing jointly who earn over $150,000.
The IRS said parents can choose to receive the full benefit at tax time as opposed to monthly payments. On July 1, the IRS will launch a tool to allow parents to opt out of the monthly payments and receive a single credit.
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