Monthly child tax credit to stop this weekend: What families should know

Millions of families who received a monthly payment from the IRS through the expanded child tax credit are facing their first month since July without cash from the federal program, even as inflation soars to the highest level in a generation. 

Democrats temporarily expanded the child tax credit in early 2021 as part of a sweeping coronavirus relief package, but it expired at the end of 2021. Under the expansion, low- and middle-income parents could receive up to $3,000 for every child ages 6 to 17 and $3,600 for every child under age 6. The payments were income-based and began to phase out for individuals earning more than $75,000 and married couples earning more than $150,000.