Starting in July 2021, the majority of working parents will receive a new payment, the Child Tax Credit, a temporary benefit passed through the American Rescue Plan. Parents who together earn up to $150,000 as a couple or a single parent who earns up to $112,500 are eligible to receive $3,600 per year for each child under the age of six and $3,000 for children six or older.\u00a0<\/p>\n
The payment will be administered via direct deposit or check monthly around the 15th of each month through the end of 2021. Parents who filed taxes in 2019 or 2020 will receive the benefit automatically. Those who did not file taxes in the past two years are still eligible to receive the benefit by signing up online here<\/a>.\u00a0<\/p>\n Analysts believe the Child Tax Credit could lower child poverty<\/a> more dramatically than any other social welfare policy in history. The program will expire at the end of the year unless new legislation is passed to extend the tax credit or make it permanent.<\/p>\n