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The Biden administration is beginning to distribute expanded child tax credit payments, giving parents on average $423 this month, with payments continuing through the end of the year

The Biden administration is beginning to distribute expanded child tax credit payments, giving parents on average $423 this month, with payments continuing through the end of the year

Louisville, KY – According to the statement, the benefit is set to expire after a year. 

President Biden increased the size of the tax credit as part the $1.9 trillion coronavirus relief package and is pushing for it to be extended through 2025.

The credit is $3,600 annually for children under age 6 and $3,000 for children ages 6 to 17.

Six months of payments will be advanced on a monthly basis through the end of the year.

Eligible families will receive $300 monthly for each child under 6 and $250 per child older than that.

The payments begin to phase out at incomes of $75,000 for individuals, $112,500 for heads of household and $150,000 for married couples.

Higher-income families with incomes of $200,000 for individuals and $400,000 for married couples can still receive the previous $2,000 credit.

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