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25 May 2021 If you have dependent kids, your bank account will be a little healthier, starting in July. What is this money, and what should you do with it? Starting on July 15, 2021, U.S. taxpayers with eligible children will receive monthly payments as an advance on the expanded child tax credit for 2021. Instead of waiting until you file your taxes the following year, these payments will be paid each month from July to December. Most taxpayers will receive these payments via direct deposit, though some may receive a paper check or debit card. Maximum payments will be $300 per month for each child ages 5 and under and $250 per month for each child ages 6 to 17. You’ll get the other half of the tax credit as usual when you file your income tax return.

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