Child tax credit payments go out July 15: Here’s what you need to know

American parents are in for a payday.

The federal government will begin forking over monthly payments to millions of US families July 15 under President Biden’s controversial expanded child tax credit plan.

The cash — approved as part of the Democrat’s 1.9 trillion stimulus package in March — aims to prevent child poverty.

But critics say the checks, which are part of Biden’s coronavirus relief plan, are an expansion of the welfare state and a disincentive to work.

Here’s what you need to know about the child tax credit, including whether you’re eligible.

Who qualifies for the expanded child tax credit?

The expanded payments will go to couples who earn $150,000 or less per year along with heads of households who earn $112,500 or less. Individuals who earn $75,000 or less also qualify, according to the IRS.

Margarita Mora preparing to drop off her daughter at daycare.

How much will I get for the child tax credit?

It depends on your situation.