President Bush signed a new tax law a few months ago to give parents a tax break. Now parents will be seeing up to $400 per child very soon. Believe it or not, parents don't need to apply for this or even fill out a form. But they'll only get that tax credit if they claimed the child tax credit on last year's tax return.
Many families, like the Hendricksons, a military family from Hinesville, are anticipating the upcoming Advance Child Tax Credit.
"I really think a lot of times we don't get the tax break that we need to, so I was very happy that we did get it," Gina Hendrickson told us.
The Treasury Department will begin issuing the checks Friday, and they will be sent out according to the last two digits of your social security number. With the start of school right around the corner, many parents say this tax credit couldn't come at a better time.
"When you have four kids to buy school clothes for, school supplies, it's very helpful, cause it gets very spendy," said Hendrickson. Although the Hendricksons plan on spending their tax credit money getting the kids ready for school, others say they plan on saving it.
"We have three children, so I think it will got into their individual college funds," said parent Dixie Kilby.
Kris Nakamura's plan is to "just hang on to it and see how to spend it eventually." Many say they're waiting to see just how much they'll get back or if they'll get any back before they start spending. "I'm not going to bank on that check coming," said Nakamura.
The Treasury Department has already began sending out the notices, and they'll actually begin sending out the checks tomorrow and will continue through August 8. Those who filed late are eligible if they filed for an exemption. But if you've moved since you filed last year's return, you need to make sure the post office has your current address.