IRS begins sending 2nd child tax credit payments totaling $15 billion

WTVD logo
Friday, August 13, 2021
Child tax credit: Will you be getting monthly payments?
The White House sought Monday to raise awareness of the federal government's new expanded child tax credit. Here's everything you should know before the payments start going out.

The second round of child tax credit payments due to millions of American families are going out Friday, totaling more than $15 billion.

According to the IRS, the monthly payment for August is covering 60 million children, about 1.6 million more than last month when the program launched.

The reason for the additional children this month is due to the IRS being able to register more families who may not earn enough to regularly file a tax return and weren't in the government's payment system last month. It was something that officials mentioned being a challenge.

The video above is from a previous report.

Another challenge being applied to the August payment is in the method being used. According to the Treasury Department, less than 15 percent of recipients who received direct deposit payments last month will be mailed paper checks this month. A technical issue was noted as the cause, but officials expect it to be resolved by September's payment.

RELATED: Child Tax Credit Update Portal | Internal Revenue Service

Nearly all families with kids qualify for the payments, though, some income limitations apply.

For example, only couples making less than $150,000 and single parents, also called "Head of Household," making less than $112,500 will qualify.

Families with high incomes may receive a smaller credit or may not qualify for any credit at all.

As for how much you'd get, families receive up to $300 per month for children under 6, and up to $250 per month for children ages 6-17. Single parents making $75,000 or less, and households making $150,000 or less, receive the full amount.

The child tax credit payments continue on a monthly basis, paid out every 15th day of the month going forward through December.

To get your child tax credit amount, plug in your information in our child tax credit calculator here.

SEE ALSO: Child Tax Credit scams: IRS warns of thieves trying to steal money and personal information