It will be the second of six payments – most of which will go to eligible parents on the 15th of each month through December 2021.
This week’s payment is set to arrive early, however. The tax credit payment will hit bank accounts on Aug. 13, since Aug. 15 is a Sunday.
Qualifying families with children under the age of 6 will receive $300 per child each month. Families with children who are 6 to 17 years old will receive $250 monthly.
The IRS says the remaining half of the credit will come with tax refunds, bringing the total to $3,600 per child for families with children under 6 and $3,000 for families with older children. It’s an increase from the previous credit of $2,000 per child.
Parents can opt-out of future monthly payments on the IRS website.