The August child tax credit payment is in the mail — or headed directly to bank accounts. The Internal Revenue Service says it has sent more than $15 billion to the parents of roughly 61 million children.
The Internal Revenue Service has sent more than $15 billion to the parents of roughly 61 million children, the agency said Friday. The second monthly installment of the beefed-up credit -- up to $300 for each child up to age 6 and $250 for each one age 6 through 17 -- benefits an additional 1.6 million kids as the agency locates more eligible families.Most parents receive the funds automatically.
In addition, some 29% of adults in households with children had difficulty paying expenses in the previous week, the latest survey found, down from 31.5% a month earlier.But among households without children, the share of adults struggling to pay expenses increased slightly during this period.The enhanced credit, which was created by the Democrats' $1.9 trillion coronavirus relief package in March, is expected to cut child poverty nearly in half for 2021, experts say.
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