When parents can expect their next Child Tax Credit payment
CBSN
The parents of about 60 million U.S. children are in line to receive a second payment this month as part of the enhanced federal Child Tax Credit. Some families that missed out on the first check might see their payments kick in this month, while others may need to take action to ensure they get the money.
The expanded CTC was authorized by the Biden administration's American Rescue Plan as a way to help support families during the pandemic. The tax credit was expanded to $3,600 for each child under 6 and to $3,000 for children ages 6 to 17. That's up from a prior credit of $2,000 per child, with half the money distributed in six monthly checks from July through December. Although most families don't need to do anything special ahead of receiving the payments, some may want to opt out of the monthly installments. (Certain taxpayers may want to claim the entire expanded CTC on their tax returns in early 2022 in order to get a larger refund next spring, for instance. More on that below.) And some families have experienced glitches with the program.More Related News