American Financial Services Association

Treasury and IRS Announce Child Tax Credit Payments

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Treasury and IRS Announce Child Tax Credit Payments

The U.S. Department of the Treasury and the Internal Revenue Service (IRS) announced this week the first monthly payments of the newly expanded Child Tax Credit (CTC) is set to begin in July.

As part of the March stimulus package signed by President Biden, about 39 million U.S. households are expected to receive monthly CTC payments of up to $300 for each child under age six and as high as $250 per month for children aged six to 17. Individuals with children earning below $75,000 and couples earning under $150,000 per year will receive the full credit, with monthly payments continuing for the rest of the year.

May 20th, 2021 by