Final answer:
To qualify for the Child Tax Credit, the child must be a qualifying child and be under age 17 at the end of the year. The expanded CTC offers monthly payments to aid families with their expenses.
Step-by-step explanation:
In order to qualify for the Child Tax Credit (CTC), the child must meet the requirements to be a qualifying child and be under age 17 at the end of the year.
The expanded Child Tax Credit was introduced under President Joe Biden's American Rescue Plan in 2021, which aimed to support families, reduce child poverty, and work similarly to a universal basic income policy.
The updated CTC provides a monthly payment directly to qualifying families' bank accounts, which is unprecedented in terms of fiscal policy.
This monthly assistance is designed to help families manage monthly expenses and represents a significant change from the previous lump-sum payment delivered via a tax refund.