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Why there might be an extra $300 in your bank account

The third round of child tax credit payments will reach the homes of 60 million children on Sept. 15

A portion of the 1040 U.S. individual income tax return form for 2018 is pictured in New York.
A portion of the 1040 U.S. individual income tax return form for 2018 is pictured in New York on July 24, 2018. The third round of child tax credit payments reached the homes of nearly 60 million children on Sept. 15.
Mark Lennihan, Associated Press

The third round of child tax credit payments will reach the homes of 60 million children on Sept. 15, CBS News has reported.

What is the child tax credit payment?

The child tax credit payments are a part of the American Rescue Plan — the $1.9 trillion coronavirus relief bill that passed Congress in March, the Deseret News reported.

Approved by President Joe Biden’s administration, that bill expanded the child tax credit from $2,000 per child to $3,000 for children ages 6 through 17, and $3,600 for children under 6.

The IRS is distributing half of that money in six monthly checks from July through December, while the remainder can be claimed when filing taxes for 2021, CBS News reported.

Didn’t receive a child tax credit payment?

On Sept. 15, via direct deposit, millions of parents should see the monthly payment in their accounts. Parents of children under 6 will receive $300 per child, while those with children between 6 and 17 will receive $250 per child, according to CBS News.

Parents who don’t receive a payment on Wednesday will likely receive their checks in the mail in the next few days, CBS News reported.

Families can visit the Child Tax Credit Update Portal to check their status and see how they will be receiving the payment.

When do the other child tax credit payments arrive?

The Sept. 15 payment marks the halfway point of the child tax credit payments.

According to Business Insider, the remaining payments are scheduled to arrive on the following dates:

  • Oct. 15
  • Nov. 15
  • Dec. 15