(WJW) – Parents are expected to receive their next child tax credit payment this week. It will be the second of six payments – most of which will go to eligible parents on the 15th of each month through December 2021.
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This week’s payment is set to arrive early, however. The tax credit payment will hit bank accounts on Aug. 13, since Aug. 15 is a Sunday.
Qualifying families with children under the age of 6 will receive $300 per child each month. Families with children who are 6 to 17 years old will receive $250 monthly.
The IRS says the remaining half of the credit will come with tax refunds, bringing the total to $3,600 per child for families with children under 6 and $3,000 for families with older children. It’s an increase from the previous credit of $2,000 per child.
Parents can opt out of future monthly payments by visiting, irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021.