Child tax credit payments go out July 15. Here's what you need to know

The Internal Revenue Service is set to begin sending the expanded child tax credit payments on July 15 to tens of millions of families, providing them with extra funds each month through the end of 2021 along with a tax break next year.

The payments were approved as part of the Democrats' $1.9 trillion stimulus package that President Joe Biden signed into law in March.

The infusions may offer the greatest benefit to low-income families, cutting child poverty nearly in half -- but the extra cash will also go to better-off American families.

Here are four things you need to...