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Checks for up to $300/month per kid starting to go out: How the new Child Tax Credit works

Payments are set for July 15, August 13, September 15, October 15, November 15, and December 15.

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What you need to know about the enhanced child tax credit

More than 35 million families have received a direct deposit payment from the IRS this week worth up to $300 per child. The July 15 payment is part of the enhanced Child Tax Credit, one piece of the $1.9 trillion Covid-19 stimulus bill President Joe Biden signed into law in March to support people with kids.

Historically, you got the full value of the credit when you filed your taxes every spring. The enhanced Child Tax Credit raised the value of the credit for 2021 and is paying out half of it in advance to help families as they and the economy recover from the pandemic.

That advance is spread out into six payments between now and December, with future installments scheduled for August 13, September 15, October 15, November 15, and December 15.

All told, the 2021 CTC is worth up to $3,600 for children 5 and younger and a maximum $3,000 for those ages 6 to 17. How much you receive is based on your 2020 income. Check out Grow's Child Tax Credit calculator to determine your eligibility.

And watch the video to find out how to take advantage of the new enhanced Child Tax Credit.

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