Child Tax Credit: This Friday the 13th the IRS will send the second payment of $ 300

This Friday, more than 30 million families will be receiving the second payment of the Child Tax Credit from the IRS. As explained, this support money is actually Child Tax Credit advances, and the deposits started last month.

Credit payments will be made on the 15th of each month from July to December. The payment will be given before when the 15th falls on the weekend, which is why This week is delivered on Friday 13 August.

The $ 1.9 billion American Rescue Plan approved in March increased the amount of the Child Tax Credit from $ 2,000 to $ 3,600 per dependent.

Half of these advance payments are being delivered monthly. That is why Eligible parents receive up to $ 300 per month for each child 5 and under who has, and $ 250 for each dependent boy between the ages of 6 and 17.

Single taxpayers who have adjusted gross income of less than $ 75,000 per year, and couples who file jointly and earn $ 150,000 or less per year may qualify for the full Child Tax Credit, and for each of their dependents. .

In the case of families with incomes greater than these amounts, they will be receiving less support money as their income increases.

This credit will be given on a monthly basis every day 15, so The following payments will be made on September 15, October 15, November 15 and December 15.

It should be noted that parents can choose not to receive the remaining monthly payments. If they decide this, they will receive the credit during tax season next year.

To receive these payments, families did not have to do anything, as they are automatically given to eligible households, as long as the parents have filed their taxes in 2019 or 2020, or have enrolled in the IRS tool, Tax Tool. Sign up for the child tax credit to receive stimulus checks.

Having done the above, the IRS already has your information, so it is automatically sending the monthly payments.

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