Millions Of Families To Begin Receiving Child Tax Credit Payments From IRS This Week

Millions of families will begin receiving payments from the Internal Revenue Service this week due to the American Rescue Plan’s expansion of the child tax credit.

In June, IRS estimated that about 39 million households would begin receiving monthly payments without any further action required.
Photo Credit: *Pixabay/NikolayFrolochkin*

Nicole Valinote

07/14/2021 9:00 a.m.

The Biden administration previously announced families would begin receiving monthly payments beginning in July of up to $250 for each child between the ages of 6 and 17 years old. Families would receive a payment of $300 for each child under the age of 6. The payments are set to begin on Thursday, July 15.

Eligible families will receive the full credit if they are a couple filing jointly with an income of $150,000 or less, or single parents with an income of $75,000 or less. The credit will begin to phase out for those with higher incomes.

In June, IRS estimated that about 39 million households would begin receiving monthly payments without any further action required.

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