Child Tax Credit Guidance
A new IRS webpage provides guidance to taxpayers on advance child tax credit (CTC) payments in 2021. The credit was temporarily expanded and made refundable for 2021 by the American Rescue Plan Act. Eligible taxpayers are allowed a CTC for each qualifying child, defined as: 1) a child under age 18, 2) someone the taxpayer may claim as a dependent and 3) a U.S. citizen, national or a U.S. resident. Advance CTC payments will be made monthly from July through December 2021. Eligible taxpayers don’t need to take any action now other than file their 2020 tax returns. Visit Advance Child Tax Credit Payments in 2021 for more information and contact us with any questions.