CHARLOTTE, N.C. — The federal government is still working on sending out the $1,400 stimulus checks from President Joe Biden's $1.9 trillion COVID-19 relief bill, but there are some other benefits included in the package, such as the expanded child tax credit.
Families with kids could soon be getting thousands of dollars thanks to the stimulus bill that passed in March. The modified tax credit includes direct cash payments to parents, but they won't see that money for a few more months.
The bill expanded the tax credit you get for having kids but calculating how much you'll get is a little complicated. Basically, it depends on a child's age.
Who qualifies for child tax credit payments
Kids 5 years old and younger qualify for the full $3,600 credit. Then it's $3,000 for kids ages 6-17. Also, 18-year-olds who are still dependents qualify for $500.
Income limits put on new child tax credit benefit
How much parents make matters, too. If you're single, you need to make $75,000 a year or less to get the full amount. For joint filers, the limit is $150,000.
If you make more, the amount you'll receive per child decreases as your income rises, and in order to qualify for these payments, you must file your 2020 income taxes.
When will the payments be received?
You won't get the full amount at once. The money will be split between 2021 and 2022, government officials say. This year's portion is expected to start going out in July and will be paid periodically, though right now there is no set schedule.