While a fourth stimulus package is unlikely to pass, another relief package will soon be making monthly payments to families. The first payment of the child tax credit promised by President Biden's American Rescue Place will be made on July 15, the IRS announced.

According to the IRS, approximately 39 million households (including 88% of children in the U.S.) will be eligible for the monthly payments.

Eligible households will begin receiving monthly payments by direct deposit, paper check, or debit card; for those earning up to $75,000 in 2020 for a single person and $150,000 for a working couple, $300 per child under age 6 and $250 per child ages 6 to 17 dollars will be provided.

This payment is strictly an advance on the child tax credit and lasts through December. As long as the parent has filed their 2020 tax return, they do not need to apply for a monthly check.

However, if a parent or legal guardian needs to communicate with the IRS about changes, disputes, or other issues that may affect the child tax credit payment, they may use the online portal, which is scheduled to launch on July 1. In addition, the child must live with the parent or guardian claiming the child as a dependent for at least six months out of the year.

Again, if you are single and earn up to $75,000 or $150,000 as a co-worker in 2020, you qualify for the full child tax credit; according to CNBC, single filers with income up to $95,000 and joint filers with income up to $170,000 will see their child tax credit amount phased out.

Wondering how much you qualify for based on your income and number of dependents? This child tax credit calculator will tell you how much you will be entitled to each month from July through December.