Child Tax Credit Monthly Payments

This March, in an effort to combat the effects of the current pandemic, the government passed The American Rescue Plan Act of 2021, also called the COVID-19 Stimulus Package. Among other things, this bill set up monthly payments for taxpayers with children. The payments were $250 for children ages 6-17 and $300 for children under 6. What a lot of people don’t realize is that this payment is an advance on the Child Tax Credit which they normally claim when filing their yearly tax return. The amount and ages eligible have been raised for 2021; $3000 for children under 18…

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