Families should check their bank accounts. Those with children ages 17 and younger may have qualified for an expanded federal tax credit, with roughly 35 million American families eligible. Starting July 15, eligible families will receive monthly payments of $300 if their child is under the age of six, and $250 for children between six and 17 years old.
Single parents with a gross income up to $75,000 a year and married couples who file a joint tax return with income up to $150,000 qualify. The money comes from the American Rescue Plan but President Biden and some Democrats in Congress are looking for ways to extend the benefit beyond this year.