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Monthly child tax credit payments start hitting bank accounts this week. Here's what you need to know if you're eligible. [washingtonpost.com]

 

By Michelle Singletary, The Washington Post, July 13, 2021

If allgoes well, the IRS will start depositing monthly payments this week into the bank accounts of millions of American families, many of whom arestruggling to put food on the table. Look for these child tax credit payments to show up on July 15.

This money couldn’t come at a more opportune time, given the news that the consumer price index rose 5.4 percent in June compared to the same period a year ago.

The last time families saw this big a hike in prices was in the summer of 2008, when the country was dealing with the Great Recession.

To help with the distribution of the payments, the IRS has developed some online tools that guide people in how to claim the money or estimate how much they should receive. You can find the tools at irs.gov. Look for the Child Tax Credit link on the homepage.

[Please click here to read more.]

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