Millions of American families will be receiving child tax credit payments this week.
According to the (IRS) Internal Revenue Service, that fifth round of advance monthly payments, worth about $15 billion, will be reaching about 36 million families across the country.
The majority of the payments are being made via direct deposit on Monday, Nov. 15 with the rest coming via paper checks, a process that could take several weeks.
Under the American Rescue Plan passed back in March, most eligible families receive payments of up to 0 per month for each child under the age of 6, and up to 0 a month for each child between the ages of 6 and 17.
The remainder can be claimed when filing 2021 taxes in 2022.
The first check was dated July 15, followed by installments on Aug. 13, Sept. 15 and Oct. 15. That final check, unless Congress opts to extend the payments, is set for Dec.
15.
(AL.COM/www.al.com)
