Child Tax Credit Advance Payments:
Did you receive a check from the IRS for an advance payment on the Child Tax Credit? Are you wondering what this may mean for your tax situation?
Child Tax Credit increased from $2,000 in 2020 to $3,000 (children under 18) or $3,600 (children under 6) in 2021.
The IRS will pay half the total credit amount in advance monthly payments which began on July 15. You will claim the other half when you file your 2021 income tax return.
To be eligible you must have:
- A qualifying child
- You provide half of the qualifying child’s support
- Child lives with you for more than half of 2021
- You claim your child as a dependent
We can help determine what this will mean for your tax situation and any information you will need in the meantime.
Please contact us, our team of experienced professionals can help!