Internal Revenue Service (IRS)

IRS releases initial child tax credit payments

Roughly $15bn was sent to around 35 million families across the country on 15 July, with 86% receiving the payments by direct deposit

The Internal Revenue Service (IRS) and US Treasury Department have announced the commencement of millions of monthly child tax credit payments.

Roughly $15bn was sent to around 35 million families across the country on July 15, with 86% receiving the payments by direct deposit.

The payments, which come under the American rescue plan, amount to a maximum $300 per month for children under six and $250 a month for those aged between six and 17.

Anyone who received the initial payment will most likely be enrolled for the remainder of 2021, which totals to five more child tax credit payments.

Families who filed 2019 or 2020 tax returns processed by June 28 and have been determined as eligible for the payments will have all received their direct debits, or will soon receive cheques in their mailboxes.

The credits also include those who do not typically file a return, but successfully registered for economic impact payments in 2020.

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