IRS to Begin Issuing Child Tax Credit Payments to Families This Week

The first payments in the Biden Administration’s enhanced Child Tax Credits will begin being sent out this week. During the program, heads of household will receive up to $3,600 per child up to six years old and $3,000 for children ages six to 17. Half of the credit can be claimed while filing income taxes for the year but the other half will be paid in monthly installments from now through the end of the year.  Monthly payments will be up to $300 a month for kids under 6 and $250 a month for kids up to 17. The amount of the credit goes down for people earning over $112,000 dollars and households making more than $150,000. 39 million households and 88% of children in the U.S. are estimated to be covered by the credits.