COLUMBIA, Mo. (KMIZ)
The IRS began Thursday to deposit advance payments on this year's expanded child tax credit into Americans' bank accounts.
The credit will be paid every month through the end of the year. Taxpayers with children 6 and younger will get up to $300 per month per child, while those with kids age 6 to 17 will get $250 per month. Those payments begin to phase out for individuals making $75,000 per year and joint filers bringing in $150,000 per year.
Congress expanded the tax credit this year from $2,000 per child to $3,000 per child, with some of that money going to direct payments. That means the portion paid out monthly will not be available as credit on next year's tax returns unless families opt out.
The IRS has created a website with extensive information about tax credit availability and opt-out procedure.