Advance payments of the newly expanded and fully refundable credit of up to $3,000 per qualifying child will hit bank accounts once a month between July and December.
The Internal Revenue Service said Monday it has begun sending letters to more than 36 million families likely eligible to receive payments starting in July under the newly expanded Child Tax Credit—one of the major anti-poverty initiatives in President Biden’s stimulus plan—and announced the dates those payments are expected to hit bank accounts.Biden’s $1.
The amount of the payments will phase out by $50 for every $1,000 in adjusted gross income above those thresholds. Some of that money will come in the form of advance payments, via either direct deposit or paper check, of up to $300 per month per qualifying child on July 15, August 13, September 15, October 15, November 15 and December 15, the IRS said Monday. Big Number
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