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The IRS is set to start distributing the advanced child tax credit this week, providing up to $300 a month per child for millions of American families!
On July 15th, the first installment of six monthly payments is set to be disbursed and some parents in Kansas and Missouri have already received theirs. More than 30 million households will begin getting the tax credit this month and according to the Associated Press reports, it will cover almost 88% of children in the U.S. since the payments are based on the latest tax returns.
Qualifying families will receive up to $300 each month for every child under the age of 6 and $250 per month for each child between the ages of 6 and 17.
The last half of the tax credit can be claimed next year when taxpayers file their 2021 return, according to the federal tax agency.
Here's who is eligible:
- $75,000 or less for singles
- $112,500 or less for heads of households
- $150,000 or less for married couples filing together as well as qualified widows or widowers