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Child Tax Credit payments will start hitting bank accounts this week

The Internal Revenue Service is hoping to reach millions more low-income families as it starts to roll out the massive expansion of the child tax credit this week.
<i>Shutterstock</i><br/>The Internal Revenue Service is hoping to reach millions more low-income families as it starts to roll out the massive expansion of the child tax credit this week.

CENTRAL COAST, Calif. (KION)

The new child tax credit payments for working families will start hitting bank accounts this week.

Starting the week of July 15th, eligible parents on the Central Coast will receive monthly payments of up to $300 per child and under the age of six or $250 per child aged between six and seventeen.

Congressman Jimmy Panetta along with community leaders in Salinas are expected to hold a community announcement today in regards to the child tax credit, on Monday at 1:45 p.m. Joining Panetta will be Salinas Mayor Kimbley Craig, President of Monterey County United Way Katy Castagna, and United Way VITA Specialist Azucena Esparza.

“The Child Tax Credit will provide working parents with the financial tools necessary to lift their children out of poverty and invest in their future,” said Congressman Panetta. “By focusing on families, responsibility, and equal access to opportunity, the Child Tax Credit affords working parents the chance not only to recover from the pandemic but also the foundation to focus on the future of their family and giving back to our community.”

Panetta also explained that mixed-immigration-status families can also receive these benefits. For example, if a child is a U.S. citizen, their parent can file for a child tax credit, even if they're undocumented. All they need is a valid Social Security number.

“When you start getting these monthly benefits all the way up to January, you then will receive the remainder of the year after January when you file your taxes," Panetta said. "It's not just about taking away money, but it's about actually giving money for the entire year for each child that you do have.”

Every parent that filed their taxes in 2020 is automatically enrolled in these monthly payments. If you'd like to opt-out and receive the refund at the end of the year when you file your 2021 taxes, visit the IRS website here.

The organization United Way also offers services for non-English speakers. You can dial 2-1-1 or visit their website. VITA Specialist Azucena Esperenza said, "the monthly payments are meant to help families pay for utilities, rent, child care services."

The Child Tax Credit is projected to benefit 158,000 children in the Central Coast and the rest of the 20th district, it is also supposed to lift 15,000 children out of poverty, according to Panetta's office. 

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Stephanie Magallon

Stephanie Magallon is an anchor, producer and multi-media journalist at Telemundo 23.

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Melody Waintal

Melody Waintal is the Digital Content Director at KION News Channel 5/46.

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