The American Rescue Plan signed into law back in March included language to provide financial relief to families raising children, the Child Tax Credit.
Those with children will receive $3,000 to $3,600 per child, depending on the age of the child and household income. Payments will come in monthly installments starting in July. If you’ve filed tax returns for 2019 or 2020, or if you signed up to receive a stimulus check from the Internal Revenue Service, these payments will be automatic and there is no need to enroll.
For more information on this tax credit, you can visit www.childtaxcredit.gov or the IRS Child Tax Credit portal, https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021. Additionally, there is a one-sheet fact sheet for reference, which can be found here.
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