As part of the American Rescue Plan Act, eligible families will get monthly payments from the government from July 15 through the end of the year. The Internal Revenue Service will send these monthly payments directly to people through direct deposit, paper checks or debit cards.
Unlike economic impact payments, these payments are an advance on families’ child tax credit. People who are eligible will get up to half of their child tax credit in these monthly payments and the other half when they file their 2021 taxes.
If you qualify for payments — which depends, in part, on how much you make — you’ll get them on about the 15th of each month, automatically, without having to do anything. The IRS is working to get online systems set up on its webpage and make sure all questions get answered. Go to IRS.gov for the latest info on who qualifies, how much you’ll get, and how to address any problems you might run into.
When money from the government…