Families enrolling for the credit now will see larger remaining payments than those who have been getting them monthly since July, when the checks began.
That’s because the monthly money is an advance on a 2021 tax credit, half to be delivered this year and the rest to come when families file their taxes next year.
The American Rescue Plan passed in March expanded the existing child tax credit, adding advance monthly payments and increasing the benefit to $3,000 from $2,000 with a $600 bonus for kids under the age of 6 for the 2021 tax year.
