What You Need to Know About Advance Child Tax Credit Payments (1)

There’s an important tax change for families this summer—and it starts this week. As part of the American Rescue Plan, the IRS will begin sending advance child tax credit payments on July 15.

The credit isn’t new but rather an expansion of the existing child tax credit. Not only is it more money, but families will receive the credit each month in the form of advance payments. This is a change from prior years when the credit was paid in a lump sum at tax time.

Since it’s such a significant change, here’s what you need to know.

How ...