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Families received nearly $94 billion in Child Tax Credits. See where it went.
In March 2021, the American Rescue Plan Act (ARPA) expanded the Child Tax Credit. Eligible families could claim the credit for each qualifying child when submitting their 2021 tax returns. The Internal Revenue Service issued more than 37 million Child Tax Credits totaling nearly $94 billion in 2021. Families can still submit revised tax returns to claim the credit until 2024.
Update: Three rounds of stimulus checks. See how many went out and for how much.
While you may have heard them referred to as stimulus checks, the Economic Impact Payments were, for the most part, direct deposited into bank accounts or sent out as bank cards. More than 476 million payments totaling $814 billion in financial relief went to households impacted by the pandemic. The Internal Revenue Service based the amounts that individuals received on income, tax filing status, and number of children (or qualifying dependents, like a relative).