ORLANDO, Fla. — Starting Thursday, payments of up to $300 per child per month will be going to tens of millions of families.
The payments will come in monthly installments and last through the end of the year.
Families will get up to $300 per month for each child under six years old, that’s $3,600 for the year. Families with children who are older than six will get $250 a month or $3,000 a year.
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Carole Lussier-Jennings knows it isn’t cheap to raise kids. She helps with her grandchildren whenever she can. The pandemic only made things more difficult.
Now help is on the way thanks to President Joe Biden’s $1.9 trillion COVID-19 relief package.
“That’s great news with everything going on and the loss of work,” Lussier-Jennings said. “We definitely need that.”
READ: Child tax credits to go out Thursday; here is what you need to know
To qualify, you must make $75,000 or less a year as a single filer, or $150,000 or less as a couple. Heads of households must make $112,500 or less.
For those who are eligible for the payments, watch your back account.
The IRS said you can expect it through direct deposit, as long as it has your bank account information. Otherwise, you will receive a check in the mail.
READ: Child Tax Credit: Parents will start receiving monthly advance payments July 15
The check will be deposited in bank accounts on the 15th of each month, unless it falls on a weekend or holiday.
For people who opted out of the monthly payments, watch for when you’ll be able to get a lump sum.
Families who chose this option can instead get the full credit after they file their taxes next year.
READ: Child Tax Credit: Letters sent to families who may qualify for monthly payments
Democrats said they will try to make these payments permanent as part of the upcoming infrastructure bill.
They say the credits aim to reduce childhood poverty, while Republics raise concerns about fraud and improper payments.