Later in the year, you will start to receive a child tax credit in the form of a monthly payment, and here's when that payment will begin.
According to a recently published Times Union article, the Internal Revenue Service (IRS) will begin sending $250 monthly payments per dependent child to eligible parents beginning in July 2021. To be eligible for the payment, you need to be a single or joint filer earning up to $75,000 or $150,000 per year, respectively.
Additionally, the child tax credit amount will increase to $300 per dependent if they are 6-years and under. It should be noted that these child tax credits used to be $2,000 per child, but due to the circumstances of the COVID-19 pandemic, that has been increased to $3,000 per child and $3,600 per child 6-years and under for 2021. Instead of receiving these payments as you would every other year, they will come in the form of monthly installments, as the American government wants parents to get the money sooner rather than later.
For more information on this story, check out this link here.
- > NEXT STORY: E3 2021 is all-digital, Xbox, Nintendo, Take-Two, Konami to be at show
- < PREVIOUS STORY: Battlefield could have natural disasters: tsunamis, earthquakes