Child Tax Credit payments should have arrived in your account this morning if you've got children under the age of 18 and you meet the income requirements. It's part of the pandemic relief efforts. The money will be placed in your account automatically without you having opted in for it.

You should have received a letter in the mail a few weeks ago from the Internal Revenue Service detailing what the payments are about.

This is the first of six payments that families with minor children will be receiving in 2021.

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People with children between the ages of 6 and 17 will be receiving $3,000 per child split up over 6 payments. If you've got children under the age of 6, you'll receive $3,600 per child split up over 6 payments. Some families could get as much as $900 per month through December 31, 2021.

That's a lot of money. I've got a 3-year-old son, so this morning when I checked my bank account, there was a $300 payment from the Internal Revenue Service.

My question is, what are you supposed to do with the money? Am I supposed to use it on new clothes for my child, throw it into a college fund, pay bills or go on a vacation?

I guess it's up to me. But, the payments are intended to be used to help boost the economy and not automatically go into a savings account.

If you've got minor children and aren't sure why you didn't get a payment this morning there are several reasons.

First, make sure you meet the income requirements. The income cutoff is $75,000 for single taxpayers and $150,000 if you've filed jointly.

You'll be receiving your payment the same way you received your tax refund if you got one. If you opted in for a paper check, then it will take a bit longer to get to you. If you've opted in for direct deposit, it can take a few days for the money to be placed in your account.

The payments will be disbursed on the 15th of each month with the exception of August. That payment will be made on the 13th.

 

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