Families to begin receiving enhanced child tax credit payments on July 15
The families of more than 65 million children in the US will start receiving enhanced child tax credit monthly payments of up to $300 on July 15.
The Biden administration announced the news on Monday. The temporary benefit, which will be sent to 39 million households and covers 88 percent of children in the US, stems from the $1.9 trillion coronavirus relief package, reported CNN.
The majority of families will receive the funds through direct deposit, while the rest will get checks or debit cards in the mail.
The IRS will send the payments on the 15th of the month, unless it falls on a holiday or weekend, through December, reported CNN. For each child under age 6, eligible parents will receive $300 a month and $250 a month for each child ages 6 to 17.
The IRS is setting up a portal to allow low-income households that don’t typically file taxes to submit their information. The portal will allow them to claim both the enhanced child tax credit and stimulus payments they might have missed, reported CNN.
A separate portal is also being launched by the IRS to allow parents to update their address, bank account information and family size, as well as opt out of the monthly payments in favor of receiving the tax credit as a lump sum next year when they file their return.
More details about the portals will be announced in coming weeks, a senior administration official said. The administration also plans to launch an outreach campaign to inform families about the enhanced payments and the portals.
The post Families to begin receiving enhanced child tax credit payments on July 15 appeared first on NBC2 News.
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