American families can claim as much as $3,600 per child as a Child Tax Credit that is expected to start rolling out on this date.
American families can claim up to $3,600 per child in an additional tax credit under the American Rescue Plan Act of 2021.
CNET has reported that parents who have children 5 years old and below can claim up to $3,600 per child. This means if you have two children, 5 years old and below, you can claim $7,200 in total, assuming you meet the income requirements.
Now, if you have a child between the ages of 6 and 17, you can claim up to $3,000 per child, which means if you have two children between the ages of 6 and 17 you could receive a $6,000 Child Tax Credit (CTC).
For dependents that are 18-years-old, you can claim up to $500, and for full-time college students that are aged between 19 and 24, you can also claim up to $500.
As for when these Child Tax Credits are expected to start rolling out, the money from the CTC will be split into two payments, the first will be payment through a tax refund, and the second will be paid monthly from July to December. If you are interested in learning more about this coming tax credit, check out this link here.