When President Biden signed the American Rescue Plan into law in March, there was so much discussion about the third stimulus check included in it that many people didn't realize that it wasn't the only money they'd be getting from the bill. Sure, many Americans got a check for $1,400, but millions still have direct payments on the way thanks to the expansion of the federal child tax credit that the new law lays out.
According to the American Rescue Plan, married couples who together earn $150,000 or less and who have children under the age of 18, and individual parents making $75,000 or less who have kids under 18, will receive a check for between $250 and $300 per child for every month from July to December, depending on their kids' ages. They'll also get a tax credit for between $1,500 and $1,800 per child, once again depending on their ages.
It's a lot of numbers to keep track of, but the folks at Omni Calculator have made it easier to understand with their simple-to-use Child Tax Credit Calculator. By just entering in your tax filing status, your income and some information about your family, you'll be able to see what you can expect in stimulus checks this summer.
Before any payments can be sent to parents, the IRS has to set up a new online portal to facilitate the distribution of the checks. They also have to hire and train staff, but they can't really focus on that until this year's very complex tax season is completed. For that reason, the checks won't start going out until July. Before then, you'll be able to get more official information on how to receive your checks once the online portal is up and running.
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