The third installment payment of the expanded Child Tax Credit will be hitting accounts as parents grapple with the many expenses associated with sending their children back to school. Most years, the Child Tax Credit is worth up to $2,000 per child under the age of 17, and only $1,400 of that $2,000 is refundable. Another big change is that half of the Child Tax Credit is being paid in monthly installments this year.
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