Child Tax Credit Disbursements Could Add $360 to Your Monthly Budget
The Biden administration is beginning to distribute expanded child tax credit payments, giving parents on average $423 this month, with payments continuing through the end of the year.
President Joe Biden increased the size of the tax credit as part of his $1.9 trillion coronavirus relief package, as well as making it fully available to families without any tax obligations. The benefit is set to expire after a year, but Biden is pushing for it to be extended through 2025 and ultimately made permanent.
A closer look at how the payments work and who can receive them:
HOW BIG ARE THE CREDITS?
The credit is $3,600 annually for children under age 6 and $3,000 for children ages 6 to 17. But six months of payments will be advanced on a monthly basis through the end of the year. This means eligible families will receive $300 monthly for each child under 6 and $250 per child older than that.
This is a change from last year, when the credit totaled $2,000 per child. Families who did not owe the government income taxes were also unable to claim the credit, a restriction that Biden and Congress lifted.
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