Monthly Child Tax Credit Will Start in July
Many families are in need and since the majority of us were granted three stimulus checks during the pandemic the government took us by another surprise by giving the monthly child tax credit.
Now, there are two different amounts that a family could possibly get for children that are under the age of six they will receive 300 dollars per month, and children above six will receive 250 dollars per month either amount is amazing.
Moreover, with the assistance being providing during such a tough time it is still important for families to practice proper money management because money will run out if we do not have a backup plan.
In an article from Fox 2 News called "Monthly child tax credit payments to begin July 15, officials say" by Kelly Hayes stated
"Some 39 million U.S. families with children are set to begin receiving monthly payments in July as part of the expanded child tax credit, the Treasury Department announced Monday.
The benefits total $3,600 annually for children under 6 and $3,000 for those who are older. The IRS will determine eligibility based on the 2019 and 2020 tax years, but people will also be able to update their status through an online portal."
With that being said the president has proposed an extension on the child tax credit to the year 2025 as a part of the American Families plan.
There is nothing wrong with providing help to our families that are in need because this has been a wake-up call for a lot of us and being able to get the help we need is a miracle.