(Washington, DC) - Parents should be checking their bank accounts for child tax credit money.
Payments from the IRS started going out Thursday.
According to the IRS, $15 billion has gone out to tens of millions of families. It’s the first wave of monthly installments to taxpayers with children. The payments of up to $300 per child aren’t exactly free money. They’re an advance on the tax credit that people can claim on their yearly returns.
That credit, however, has been increased, and some lawmakers in Washington are trying to make it a permanent benefit. For now, the payments will be deposited on the 15th of every month through December, unless recipients opt out of the process.