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Why you might see an extra $300 in your bank account this week

The IRS plans to start sending out child tax credit payments this week

A portion of the 1040 U.S. Individual Income Tax Return form.
A portion of the 1040 U.S. Individual Income Tax Return form for 2018 is pictured in New York on July 24, 2018. The Internal Revenue Service will begin sending out child tax credit payments to qualifying families beginning on Thursday
Mark Lennihan, Associated Press

The Internal Revenue Service will begin sending out child tax credit payments to qualifying families beginning on Thursday, issuing another round of relief for families struggling amid the pandemic.

What are the child tax credit payments?

The Biden administration approved the payments as a part of the American Rescue Plan — the $1.9 trillion coronavirus relief bill that passed Congress in March.

When do you get the child tax credit payments?

The child tax credit payments will begin showing up in bank accounts on Thursday, according to CNBC.

How much do you get for the child tax credit payments?

The payments — which will be issued until December — will include at most $300 per child for the families who qualify.

  • Families will get a $300 check for each child they have who is 5 years old and younger.
  • Other families will receive $250 for each child between 6 and 17 years old.

Half of the amount owed through this program will be given in the monthly checks. But the remainder will be given at tax time next year, Business Insider reports.

  • Families can receive up to $3,000 for children 6 to 17 years old, and $3,600 for children under age 6.

How to get new child tax credit check

Per Business Insider, “Most families will receive the payments without having to do anything, and they should receive them through direct deposit, a paper check, or a debit card — similar to the three stimulus payments that the federal government sent over the past year.”

Who qualifies for child tax credit checks?

Per The Washington Post, families who make $75,000 or less will qualify for the new payments. That amount will diminish for families who make more than that.