Millions of American households will begin receiving child tax credit payments starting on July 15th. Really? More money from the government? Yes, it's true. It was part of the Biden Administration's COVID-19 relief bill, and it's aimed at getting more money into the hands of families sooner.

Here is how it works. CNET reports that starting July 15th, families with qualifying children could get up to $300 monthly per child under the age of 6, or $250 per month for older dependents. Half of the Child Tax Credit will come in the form of these monthly payments from July through December of this year. The rest, families will get when they file their 2021 tax returns.

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Like it did with pandemic relief payments, your income will determine whether or not you get a payment, and how much. There is no limit on the number of children if you do qualify. CNET reports that the income limits are singles earning $75,000 per year, heads of household earning no more than $112,500, and married couples making $150,000 per year or less.

Despite payments starting next month, you are not obligated to get the money sent to you early. Many families like to wait until they file their taxes to get their refund money. You will be able to opt our of the payments. The IRS says it will have a website up soon allowing Americans to say 'no' to the payments. I haven't decided personally, what our family is going to do yet. We're eligible to get $750 sent to us each month. Sure, that will cut into our tax refund next spring, but I'm not going to lie. That extra cash each month will do a lot of good.

 

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