Millions of Americans receive Child Tax Credit payments

JACKSONVILLE, Fla. — It’s the largest child tax credit in history, and it was established by the American Rescue Plan. One day into the credit President Biden’s administration says they hope to extend these benefits for years to come.

“I think it’s important that mom and dad can put food on the table, and that’s what we need help with right now.”

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Many families are waking up with a little bit of relief today. The first payment of the child tax credit gave between $250 and $300 per child to house homes with children from the ages 0-17.

Like many parents, mother Brittany Riccavoni said, ”Our household will probably end up using it to help offset the cost of preschool in the fall.”

But this money is not coming out of nowhere. “It’s not free money like the stimulus, it’s actually an advance on the child tax credit that’s available next year when they file,” says Tracy Frank, the owner of Directax.

Households will receive $3,600 for each child under the age of 6, and $3,000 for each child between the ages of 6 and 17, depending on their income.

Tracy says the credit just pays an advance on your return for next year.

“So, you’re just getting some of your money upfront to help some people meet their financial obligations during the year.”

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Frank says you should only take the credit if you need the cash now.

“It will decrease your refund if you’re getting it in advance.”

Payments will come on the 15th of every month. Every working family should receive the credit if they make under $150,000 for a couple or $112,500 for a single-parent household.

If you didn’t make enough to file for taxes last year, the White House says you can still file for these benefits now, and SNAP or WIC eligibility will not be impacted. you can do that on the IRS website.

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