The expanded child tax credit means around 90 percent of American families with children will begin to receive their payments starting July. This expansion allows families to get an annual benefit of $3,000 for each child between the ages of 6 and 17 and $3,600 for each child under 6 years of age for the 2021 tax year. Full-time college students who are 24 years or younger and eighteen-year-olds are eligible to receive a one-time payment of $500. The payments will be made in installments of $250 or $300 on a monthly basis from July 15 till December. Eligible individuals can claim the remainder as a credit on 2021 taxes when they file them in 2022.
Here’s more about the child tax credit.