The Internal Revenue Service has launched two new online tools designed to help parents manage their monthly child tax credit payments.
The expanded child tax credit created under the Biden administration’s American Rescue Plan provides $3,000 to $3,600 per child for nearly all working families, The White House states on its website.
The first payments to parents are expected to be sent out on July 15, and will continue every month through December 2021.
Families will receive the second half of what they are owed in April 2022 when they file their taxes.
Families can determine their eligibility for advance payments of the child tax credit using the Advance Child Tax Credit Eligibility Assistant on the IRS website.
The IRS has also created the Accessibility Guide for Child Tax Credit Update Portal to allow families to verify their eligibility and gives them the option to receive the payment in a lump sum or monthly installments, according to an IRS news release.