Treasury sends $15 billion in August child tax credit payments

Treasury sends $15 billion in August child tax credit payments
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Millions of households received their second monthly payment of the expanded child tax credit this week, with the Treasury Department saying Friday $15.4 billion was disbursed.

“Today 61 million children across America are benefiting from the advance Child Tax Credit, helping families put food on the table and meet the needs of the next generation,” said Treasury Deputy Secretary Wally AdeyemoWally AdeyemoOn The Money — Big businesses side with Biden in Texas vaccine standoff Hillicon Valley — Presented by LookingGlass — Hackers are making big money Treasury: 0M paid out by victims of ransomware attacks in first half of 2021 MORE in a statement. 

“We want every eligible family to have access to the advance Child Tax Credit, which is why we will continue our outreach efforts to drive enrollment as our children return to school.”

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The Treasury Department began making advance monthly payments of the child tax credit in July to eligible families, who previously received a smaller lump-sum payment when they filed their annual tax returns.

The $1.9 trillion American Rescue Plan signed by President BidenJoe BidenJan. 6 panel lays out criminal contempt case against Bannon Overnight Energy & Environment — Presented by the American Petroleum Institute — Democrats address reports that clean energy program will be axed Two House Democrats to retire ahead of challenging midterms MORE in March increased the amount of the child tax credit and allowed families to receive advance monthly payments for a year. Democrats are aiming to make the program permanent through future spending bills.

Married couples with income of up to $150,000 and single parents who use the head-of-household filing status with income of up to $112,500 are eligible for the full increased credit amounts — $300 a month for each child under the age of 6 and $250 for each child ages 6 to 17.

Families that filed tax returns in 2019 or 2020 should receive child tax credits automatically, either through direct deposit or paper checks. Families that do not have to file tax returns can register to receive the payments at the IRS website.

Treasury said it was able to provide payments for 1.6 million more children in August compared to the previous month due to increased participation in the program. The first round of child tax credit payments also equalled roughly $15 billion.

Updated at 11:41 a.m.