Monthly child tax credit payments begin July 15

The first monthly child tax credit payment to qualifying families will be made on July 15, announced the Internal Revenue Services. This comes after the federal government increased the  credit for 2021 in the American Rescue Plan.

The payments will be $300 a month for each child under the age of 6, and up to $250 a month for each child between the ages of 6 and 17. Receiving the full amount of the tax credits depends on parents’ incomes. Payments will be made on a monthly basis throughout 2021.

WATCH: Can the stimulus package help alleviate child poverty through tax credits?

MORE: Work from home makes for taxing question