Approximately 90% of children in the US will benefit from the increased payments.
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If you have a child that qualifies you for the child tax credit, you can expect your first payment to arrive on July 15. From then, the checks will arrive monthly throughout 2021 — that is, unless you opt out of the partial monthly checks through the IRS portals next month. But how does it work for parents who share joint custody of a kid? Will the IRS send both parents a payment?
Parents who share custody of a child have some rules — including who’s eligible for a payment. For example, as a parent, you could receive a total of up to $3,600 for each kid under age 18, and babies born during this year are eligible. Also, parents who pay little to no federal tax will get the full amount they qualify for, whereas in the past, lower-income families were excluded.
There are also requirements your dependents must meet and limits on the money you get based on your adjusted gross income. As a parent, you should also know that you could get money back for child…
