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Man reading a letter with his wife and daughter in the background
Money; Getty Images

Parents should be on the lookout this week for a letter from the IRS regarding their eligibility for monthly payments from the expanded Child Tax Credit.

The agency announced in a press release Monday that it has begun sending out letters to more than 36 million American families who may be eligible to receive monthly payments starting in July. Eligibility for the 2021 Child Tax Credit (CTC) advanced payments is determined by the information provided in your 2020 tax return, or your 2019 return if this year's return has not yet been processed.