The checks are rolling out!

The Internal Revenue Service (IRS) is starting to send out money for the child tax credit they promised. The government introduced The American Rescue Plan at the beginning of the pandemic by sending $2,000 in Child Tax Credit for dependents under the age of 16. With an increase of $1,600 parents are now expecting up to $3,600 for children under 6-years old. That could be $250 to $350 per month depending on the child's age.

Now a lot of people believe that the Child Tax Credit is FREE MONEY for everyone but I want to make sure that you understand it depends on circumstances.

The law has allowed the IRS to send out half the credit amount in advanced payments. Taxpayers are allowed to choose the lump sum of money when they file their taxes but if you made more money in 2020 it's possible it could be taxed.

With that understanding, those who are set to receive the Child Tax Credit should check their mail. The first round of checks has already been mailed out.

 

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