COLUMBUS, Ohio (WCMH)–The Internal Revenue Service sent out letters addressed to “My Fellow American” and signed by President Joseph Biden Jr.
The letter explains the American Rescue Plan’s expanded Child Tax Credit and how the program works.
Most people with children aged 17 and under will receive at least $3,000 per child. Anyone with kids under the age of five years will receive $3,600.
Starting this in July, eligible families will receive monthly advances on the tax credit, up to $250 per child aged 6-17 years old and $300 for children younger than five.
The letter also notes that if you have filed your 2019 and or 2020 tax returns, the payment will be paid automatically. The payments will be made by direct deposit into your checking or savings account and payments will be received on the 15th of every month starting July 15.
Based on this particular letter, the family will receive $500 a month.
Other methods of payments will be made either by a check mailed to your address or through a debit card.