LANSING, Mich. (WLN) – Parents and guardians will be getting extra money from the federal government this week for the child tax credit., allowing eligible families to receive at the least an extra $250 a month, to more than $1,000 a month depending on how many kids they have.
Families that decided to take the monthly payment instead of a lump sum will be getting $300 a month for every child under the age of six, or $250 a month for those six to 17 years old.
Eric Patterson is a professor at Michigan State University. He has four kids and today his family got some extra cash because of it from the federal government.
Families that choose to get the money on a month-to-month basis will get a payment for the next six months, and then get the rest of their entitled money when they file their taxes.
In previous years, families could only choose to get a lump sum of money.
Gilda Jacobs, the president of the Michigan League for Public Policy says 90% of kids in Michigan are eligible for the tax credit.
This month-to-month boost is something families can rely on, which many say is needed especially after this past year.
families that are eligible have to make less than $150 thousand a year. And this years child tax credit —actually adds up to more than it was last year. It went from $2,000 to $3,000 for kids over the age of six and up to$3,600 under the age of six.