money

The new Child Tax Credit is slated to begin its first ever monthly cash payments.

The IRS will either deposit money or send checks to families with kids 17 or younger.

But not everyone in that category is eligible.

Right around 150,000 families in Spokane and Kootenai Counties will be getting a surprise in their checking accounts.

The Child Tax Credit (CTC) is an effort to help low and moderate-income families weather the ongoing challenges of the pandemic.

To receive the CTC you must have kids, make less than $75,000 if you're single and less than $150,000 if you're married.

If that's your family and you have a child five or under, you'll get $300 deposited tomorrow.

If you have a child ages six to 17, you'll get $250 deposited tomorrow.

If you have two children, one under five and one between six and 17, you'll get $550, and so on.

Most families will qualify for some money. You can check your eligibility here on the IRS website. 

This isn't exactly new, if you have kids and filed your taxes over the last few years you probably already know about the $2,000 child tax credit that you can apply to taxes.

This is an expansion of that and it's more money. The government is paying it monthly instead of a lump sum when you file taxes.

CTC money will go out to families on Thursday, August 13 and December 15.