How the New, Expanded Federal Child Tax Credit Will Work

The most ambitious part of the pandemic stimulus package signed by President Joe Biden earlier this year is about to hit the bank accounts of millions of U.S. parents. Starting next week and ending in December, the vast majority of U.S. households with children will begin receiving monthly payments as a result of changes in that law expanding and reworking the federal child tax credit. The tweaked tax credit drew less attention than stimulus checks and expanded unemployment benefits in that wide-ranging COVID-19 relief legislation.