Millions of families to get child tax credit up to $3,600 by end of year in addition to $1,400 stimulus checks

MILLIONS of families are set to get child tax credit up to $3,600 by the end of the year in addition to their $1,400 stimulus checks.

The credit amounts for each child will also be higher due to the effect the pandemic played on jobs, families and the economy.

The expanded child tax credit under the latest bill could provide an additional $6,000 to $7,200 per family.

Prior to the bill being signed, families received $2,000 per child under 17, so long as their income is under $200,000 for individuals or $400,000 per married couple.

But the America Rescue Plan raised those numbers to $3,600 per child up to age 6, and $3,000 for those ages 6 to 17, for married couples with under $150,000 in income.

The plan also allows families to receive the child tax credits monthly.

So, beginning in July, a family could receive up to $300 per month for children up to age 6, and $250 per month for children from six through 17.

Altogether, that would add up to more than $14,000 for a family of four.

This excludes federal unemployment benefits, should they qualify.

Some Americans are still waiting for their $1,400 stimulus checks.

The Internal Revenue Service announced that by April 1, more than 130million stimulus checks had been issued as part of Joe Biden's $1.9trillion Covid recovery plan.

Now, the IRS is processing what has been dubbed "plus-up" payments as part of the latest round – with four million of such checks totaling $10billion.

Qualifying Americans will be handed $1,400, as well as supplemental payments (plus-ups) to those who used to receive partial stimulus payments but now can prove they were actually eligible for more.

A statement from the IRS said: "These ‘plus-up’ payments could include a situation where a person’s income dropped in 2020 compared to 2019, or a person had a new child or dependent on their 2020 tax return, and other situation.

"The payments also include payments for people for whom the IRS previously did not have information to issue a payment but who recently filed a tax return and qualify for an Economic Impact Payment.

"Payments to this group — and the "plus-up" payments noted above — will continue on a weekly basis going forward, as the IRS continues processing tax returns from 2020 and 2019."

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