I think it's pretty fair to say that there are many Americans that are still recovering from the pandemic, and now we have the rising cost of food prices and it doesn't look like gas prices are gonna go back down anytime soon. Well, there is a little extra relief on the way for those Americans that choose not to opt out for this tax season.

According to WGRZ, the IRS is sending out information to millions of Americans that are eligible for the monthly child tax credit that will be starting next month. The American Rescue Plan was signed back in March, which will give qualifying children an advance on the child tax credit that they would normally receive at tax time.

Starting in July, for each child under the age of six the monthly payment will be $300.00 for each child, or $3600.00 for the year, and any children between the ages 6 and 17 will get $250.00 or $3000.00 for the year. This money could be used for things needed for summer programs or even back-to-school shopping, and bills that many people still need to get caught up. Half of the money will come in monthly payments through December and you will get the other half when taxes are filed for 2022.

Get our free mobile app

If you would like to opt out of the monthly payments and just take the whole amount at tax time, there will be an online portal available on July 1, which will give you all of the information needed for you to get it done.

KEEP READING: See states hit hardest by COVID-19’s impact on tourism

 

KEEP READING: These are the top 6 scams connected to the pandemic