2021 – 05/19 The American Rescue Plan Act increased the Child Tax Credit (CTC) for eligible families for 2021. It also established a program that will send out advance credit payments to eligible families beginning July 15. How many Americans will benefit from these payments and do they have to do anything to receive them? According to the IRS, about 39 million households covering 88% of children in the U.S. “are slated to begin receiving monthly payments without any further action required.” Parents must meet an income threshold to qualify. Payments will be up to $300 monthly for each child under 6 and up to $250 monthly for each child 6 and older. For more details:
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