When will expanded monthly child tax benefit will begin hitting bank accounts?
Around 39 million American families will start receiving payments as much as $300 per child beginning July 15, the Biden administration announced Monday, part of a temporary expansion of the child tax credit included in Democrats’WASHINGTON, DC - MAY 13: U.S. President Joe Biden delivers remarks on the Colonial Pipeline incidentin the Roosevelt Room of the White House May 13, 2021 in Washington, DC.
About 90% of American families will begin receiving the new payment, which will be deposited into their bank account on the 15th of each month starting in July through December 2021 An estimated 80% of American families will receive the payment via direct deposit, while others will get the money by paper check, or another method of payment.
Some wealthier American families will not receive the benefit: the payments begin to phase out for individuals earning more than $75,000, and couples earning more than $150,000. The expanded child tax credit was a major part of the $1.9 trillion American Rescue Plan President Joe Biden signed in March. The bill temporarily increased the child tax credit benefit from $2,000 per dependent child ages 0-16 to $3,000 for each child aged 6 to 17, and $3,600 for every child under age 6.