Families around the US are getting an economic boost today as the federal government issues the first of its updated Child Tax Credit.

New child tax credit payments begin this week. The IRS seeks to make sure those most in need don't miss out.

Melinda Williams, a married mother of five, didn’t think her family qualified for the child tax credit since they don’t earn enough to file income tax returns. So the New York City resident didn’t pay much attention to Congress’ historic increase of the benefit earlier this year.

Melinda Williams, a married mother of five, didn't think her family qualified for the child tax credit since they don't earn enough to file income tax returns. So the New York City resident didn't pay much attention to Congress' historic increase of the benefit earlier this year.

Melinda Williams, a married mother of five, didn't think her family qualified for the child tax credit since they don't earn enough to file income tax returns. So the New York City resident didn't pay much attention to Congress' historic increase of the benefit earlier this year.

Grocery stores, big-box retailers and even auto mechanics could pick up sales in the coming months, thanks to a new source of cash: monthly payments that go directly into parents’ and caretakers’ bank accounts.

On July 15, the IRS will begin sending families monthly payments of up to $300, but some may have to repay.

On today’s episode of the Taxgirl podcast, Kelly is joined by Elaine Maag and Professor Francine Lipman to explain the 2021 tax changes for families, especially the child tax credit.