The American Rescue Plan in March expanded the existing child tax credit, adding advance monthly payments and increasing the benefit to $3,000 from $2,000 with a $600 bonus for kids under the age of 6 for the 2021 tax year.
The first half of the credit is being delivered in monthly direct deposits through December of $300 for children under 6 and $250 for those aged 6 to 17. The second half will come when families file their 2021 tax returns next year. The enhanced credit also made the money – and monthly payments – available to some 27 million children who either previously got partial credit or missed out on the benefit because their families didn't earn enough income.
"It's not just that some families that were already receiving the credit are now seeing larger amounts," said Zippel. "It's also that we have a significant number of the lowest incomes who are newly eligible for the credit for the first time."
acorns When I want my kids to eat I go to work....
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