Finance

What to know about monthly payments

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Parents may soon start getting monthly payments from the IRS, due to a recent change to the child tax credit.

IRS Commissioner Charles Rettig said Tuesday that the agency was on track to start issuing that aid in July.

Here’s what taxpayers need to know about the tax credit and income stream.

Child tax credit

The American Rescue Plan, a $1.9 trillion Covid relief law that President Joe Biden signed in March, enhanced the child tax credit in a few ways.

The changes are temporary — they apply only to 2021 taxes (i.e., during tax season next year) unless Congress extends or makes them permanent.

The credit is available to families with kids.

Before the new law, families got a $2,000 credit per…



Source cnbc.com

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