Summer just got better for millions of American parents.
More than 39 million households are expected to begin receiving the first monthly checks as part of the newly revised child tax credit, which was expanded through the American Rescue Plan in March.
According to a joint announcement from the Internal Revenue Service (IRS) and the U.S. Treasury, the first payments will be made on July 15, and subsequent payments are expected on the 15th of each month (except when the 15th falls on a weekend or holiday).
The expanded credit, which will cover an estimated 88% of American children, offers families up to $300 a month for each child under 6 and $250 a month for each child 6 years and older. It phases out for individuals earning more than $75,000 a year and couples earning more than $150,000 a year. (If you need a reminder how much you’re due, check out this handy calculator from Omni.)
Expect to receive your check via direct deposit or in the mail, depending on how you’ve received other payments from the IRS. To make sure the IRS has your most updated information, it’s always a good idea to log into your online tax account and double check. The IRS stresses that taxpayers who have claimed the child tax credit do not need to take any additional action to receive the monthly payments.
You can check out the full announcement here.