IRS to offer child tax credit payments to qualifying low-income families
HONOLULU (HawaiiNewsNow) - The IRS said low-income families may be eligible to receive monthly child tax credit payments beginning in July.
The federal organization said it has already began sending letters to more than 36 million eligible American families based on their 2019 and 2020 tax returns.
Those eligible will begin receiving payments on July 15.
The IRS said families will begin receiving advance payments by either direct deposit or check. The payment will be up to $300 per month for each qualifying child under age 6 and up to $250 per month for each qualifying child ages 6 to 17.
The American Rescue Plan raised the maximum Child Tax Credit in 2021 to $3,600 for qualifying children under the age of 6 and to $3,000 per child for qualifying children between ages 6 and 17.
The IRS said before 2021, the credit was worth up to $2,000 per eligible child, and 17 year-olds were not considered as qualifying children for the credit.
Officials said most families do not need to take any action to get their payment.
An online tool to help people file tax returns and register for the tax credit was launched by the IRS on Monday.
For more information, click here.
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