IRS Stimulus Payments For Parents Start In July


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Getty

If you have kids and file taxes then you may be getting some cash soon. The American Rescue Plan that was signed into legislation included additional child tax credits meant to help support your kids during this pandemic. That basically boils down to extra cash flow coming your way if you have little ones. They technically don't even have to be little. The credit applies to kids ages 6-17. The new law raises the child tax credit to $3,000 annually per child and to $3,600 for kids under 6 for single parents earning less than $75,000 annually, $112,500 for the head of households, and $150,000 for married couples.

If you qualified for the $1400 stimulus then you qualify for the extra credit. If a couple makes less than $75,000, they can expect $250/month per kid (6 to 17,) from July through December. Parents with little ones under will get $300.

If you have children be sure to file your 2020 returns ASAP to make sure you're eligible for the full Child Tax Credit.

Use this calculator to find out how much you're going to get

Check out the full details from the IRS who said payments would begin to go out in July