The IRS has already distributed $15 billion to families in the month of August alone. Altogether there were 61 million children who benefited from Child Tax Credit advance payments, which were intended to give families $250 to $300 per eligible child under 17.
A third payment is coming next week as the child tax credit advance payments enter their third round. They will continue through December, but will hit bank accounts on September 15.
Those who received previous payments through paper check will have to wait an extra day or two, but all should be delivered by the end of the week, according to officials with the IRS.
The payments represent 50% of the total child tax credit, which was expanded to $3,600 per child under the American Rescue Plan. For families with children under 6, payments will be $300 for each. Those with children under 17 payments will be $250.
Families will receive a year-end summary, known as a Letter 6419 explaining how much money they received through the child tax credit advance payments, and how much they can claim on the returns in 2022 for 2021.
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