Among the items in the latest COVID relief bill, valued at $1.9 trillion, is a welcomed addition for parents and families that have been struggling throughout the pandemic.
In addition to the $1,400 stimulus checks, the bill includes a boost to a child tax credit. It has historically been $2,000 per child. Now, it will be bumped up to $3,600 per child.
How will this work?
Well, under normal circumstances- families would have to wait until next year’s tax return to see the money. That said, the COVID relief bill allows for payments to begin going out to families- to the tune of $300 per month, per child.
The same income restrictions apply here- as they did with the stimulus relief. Individaul filers who make less than $75,000 will receive the benefit, as well as couples who make less than $150,000.
How will the payments be administered? That point is a little more complex. It’s not clear how the IRS will do it- but some say that the payments could begin this summer. More details are expected on that issue in the coming weeks.