The U.S. Treasury is getting ready to pay people advances on their federal income tax returns. Under the latest stimulus package, people who qualify for the child tax credit will get it in monthly installments. It should work out to half of the credit amount coming before the 2021 tax returns are filed next year and the rest coming with the regular tax refunds.
Cole Horner with the North Central Illinois Council of Governments says most people won’t have to do anything except wait for the money.
If you didn’t file tax returns in the last two years, you should go to childtaxcredit.gov. You may also need to contact the IRS if your family size changed.
Payments could be up to $300 per month per child.