This week child tax credit payments will begin to hit bank account. For families that qualify, here’s how it works:
- You will get a total of $3,600 per child that is under the age of six.
- For each child between the age of 6-17, you will get $3,000.
- However, the payment will come in monthly, here is the breakdown.
- Between July-December, you will get $300 per month if your child is under the age of six. If your child is between the ages of 6-17 then you will get $250 per month.
- That will cover half of your payment, the other half you can claim once you file your taxes.
There are a lot of things you can buy with this money , however, financial professionals are giving you a few options to spend your money wisely:
- Household essential items
- Open a savings account for your child
- Save for college
- Look into purchasing life insurance
To check to see if you are eligible for the child tax credit go to irs.gov