Moderate and low-income families with children will start receiving monthly Child Tax Credit payments of $250 to $300 each month beginning July 15th.
The IRS and Treasury Department will send the monthly payments through December 2021 via direct deposit. Families without direct deposit will receive a debit card or check.
Families eligible for the credit will receive $3,000 per qualifying child between ages 6-17 or $3,600 for each child younger than 6.
The credit phases out for individuals earning $75,000 or more or for married households who earn $150,000 or more.
Now... if you need to stop from getting the payments direct deposit so you can use the whole credit on your taxes next year, there will be a portal launching July 1st.. it will also be there to help those who don't file a tax return but qualify and for those who need to update information in case they don't make as much as last year. The government will look at your 2020 tax info if available and if not the 2019 data to decide if you're eligible and payments will automatically be sent out if you do.
Here's the online calculator if you need to figure out how much money you will get. You just need to know your adjusted gross income.
Photo: Getty Images