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Important changes to the Child Tax Credit will help many families get advance payments of the credit starting this summer. The IRS will pay half the total credit amount in advance monthly payments beginning July 15. You will claim the other half when you file your 2021 income tax return. These changes apply to tax year 2021 only.When will advanced payments of the child tax credit be available?
Advanced payments of the Child Tax Credit (CTC) will become available to qualifying families July 15th of 2021. The CTC, which was increased by the American Rescue Plan signed into law this year, provides up to $300 per month per child under age 6, and up to $250 per month per child ages 6 to 17.What is the Child Tax Credit (CTC)?
The CTC, which was increased by the American Rescue Plan signed into law this year, provides up to $300 per month per child under age 6, and up to $250 per month per child ages 6 to 17. You can receive the Child Tax Credit if you have children, even if you make little or no money, or have not filed a tax return.What does the expanded child tax credit mean for You?
The expanded credit means: 1 The credit amounts will increase for many taxpayers. 2 The credit for qualifying children is fully refundable, which means that taxpayers can benefit from the credit even if they don't have earned income or don't owe any income taxes. 3 The credit will include children who turn age 17 in 2021. More items...