The latest round of monthly child tax credit payments is scheduled to be distributed to tens of millions of families on Monday. And it could be the next-to-last one unless Congress acts.
More than $15 billion was sent to families of roughly 61 million children last month, according to the Treasury Department and Internal Revenue Service. Eligible households have received a total of more than $61 billion since the first monthly payment in July.Most parents automatically get the enhanced credit of up to $300 for each child up to age 6 and $250 for each one ages 6 through 17. The IRS is scheduled to send the final payment next month.
These moms explain how child tax credit checks will help them 03:05More low-income parents are eligible for the child tax credit because the March coronavirus relief package made it fully refundable. It had been only partially refundable -- leaving more than 26 million children unable to get the full credit because their families' incomes were too low, according to Treasury Department estimates.
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