Child tax credit money already hitting bank accounts

Reporter: Taylor Wirtz Writer: Joey Pellegrino
Published: Updated:
child tax credit
Credit: CBS News

Parents, check your bank accounts: The first child tax credit payments have been sent. The money is split between the tax credit and actual payments, and how much you get could vary.

It varies, but in general: For every child 5 and under, parents can expect $300, and $250 for kids 6 to 17. But factors like your income could adjust that number; if you make $75,000 or less as a single filer, or $150,000 filing jointly, you will get the maximum amount. Only one parent can claim credit for any one child, as the IRS rules state that each dependent can only be claimed by one taxpayer, so the parent who claims the child as a dependent on their tax return gets the checks and tax break.

Lots of Southwest Florida grandparents take care of their grandkids. Are they eligible for the tax credit? It depends on a few factors, so we asked a tax expert: Kirushanthy Balachanthiran, of the Balachanthiran Law Firm.

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