The Child Tax Credit payments are set to go out this week on July 15th, so let's break it down!
Starting this Thursday, qualified families are set to get payments up to $300 a month for each child under six, and up to $250 a month for children six and up.
If you're wondering if you qualify here are the qualifications:
- Single-filers making $75k or less a year
- Couples earning $150k or less
- And heads of households, making $112,500 or less
So who qualifies?
- Single-filers making $75,000 or less a year.
- Couples earning $150,000 or less.
- And heads of households, making $112,500 or less.
Your eligibility for the credit is based on 2019 and 2020 tax years and each payment will be automatic, coming out on the 15th of each month.
Now if you don't want the monthly payments and want to wait to claim the child tax credit until you file your taxes next year, you'll have to un-enroll.