SPRINGFIELD, Ore. -- Changes to the this year's Child Tax Credit will give families with children up to $1,000 more than in previous tax years.
Here's how it works: the IRS will pay half of the total amount you are set to receive via monthly payments starting July 15. Then you'll claim the other half when you file for your 2021 tax return. These changes only apply to the 2021 tax year.
You need a qualifying child who's 17 or younger, and your total family income needs to be less than $150,000.
Springfield Liberty Tax owner Tom Ames said you'll receive a total of $3,600 for children under the age of 5 and $3,000 for children between 6 and 17 years old.
Starting tomorrow and until the end of December, the IRS will send those monthly advance payments to families that qualify.
"They're going to send $300 if you have a child that is 5 or under, and then if you have a child that is 17 to 6 years old, they're going to send out $250 a month," said Ames.
According to Ames, those who qualify should've received a letter in June telling them automatic payments will start. And beginning July 15, the first of the payments are supposed to reach their bank accounts or will be mailed to them depending on how they received their federal tax return the last time they filed.
There are some local parents who are excited to take advantage of these monthly advanced payments, including Eugene resident Jennifer Heideman.
"To us, that will make a difference, for sure. We have another child we're expecting in September and I won't be working, and I haven't been working because of the nature of my work during my pregnancy," said Heideman.
If you'd rather not take the advance payments, you can always go to the IRS website and have them deferred until it's time to do your taxes. Harrisburg resident Christlyn Harris said she is still hesitant to accept the credit.
"I just feel like deferring it until tax season would be best just because we don't know what taxes will look like and exactly how it will affect especially coming from a split family where custody is, you know, plays a role in that," said Harris.