For some, advance Child Tax Credit payments will be lifeline
Families in need of a pick-me-up can expect some support soon, if they choose to accept it.
In mid-July, the IRS will begin making advanced payments of the Child Tax Credit. Families who qualify can receive up to $300 a month — $3,600 for the 2021 tax year — for each child under the age of 6. They also can receive as much as $250 a month — $3,000 total — for each child 6 to 17 years old. Previously, the tax credit maxed out at the end of the year at $2,000 for each child under 17.
For some cash-strapped families, the front-ended payments will help bridge the gap as they try to regain their footing in a workforce taking baby steps out of the pandemic.
The deposits are expected to hit bank accounts on July 15 and continue through December, with as much as 50% of the Child Tax Credit paying out in preliminary installments.
https://www.heraldnet.com/news/for-some-advance-child-tax-credit-payments-will-be-lifeline/
