Yahoo Money
Millions of American families plan for 'life-changing' Child Tax Credit payments
Yahoo Money
Millions of American families plan for 'life-changing' Child Tax Credit payments
Denitsa Tsekova
Denitsa Tsekova·Reporter
Wed, July 14, 2021, 1:40 PM
When the monthly Child Tax Credit payments start this week, the Meyette family of Fontana, California, will see their household income increase by 25% — a much-needed boost at this time.
Erica Meyette recently underwent surgery and her husband Jonathan, who is the sole breadwinner, missed two weeks of work to care for her. The $600 the family will get for their two daughters will go to expenses, savings, and any medical debt they incur.
“So $600 a month is an increase of big proportions when it means we can pay that [the medical debt] off sooner while still paying for our lives and putting money away for our children,” Erica Meyette, 22, told Yahoo Money. “Even just the first payment alone is gonna be helping us.”
Those first monthly payments of $300 per child start going out this week to approximately 36 million eligible households, according to the Internal Revenue Service. These advance payments were made possible by the $1.9 trillion American Rescue Plan, which increased the credit this year to $3,600 for children under 6 and $3,000 for children between 6 and 17, and will continue monthly through December.
--------
http://finance.yahoo.com/news/american-families-plan-for-child-tax-credit-payments-to-begin-204010759.html
If you think education is expensive, try ignorance.
| 
