The child tax credit payments are advances on next year’s tax refund for eligible parents. You’ll get half of the money over the course of seven payments in2021 and 2022. If for whatever reason you receive more money than you’re eligible for, you’ll need to pay the IRS the difference based on your tax return when you file in 2022.
People also ask
When can I expect to receive the child tax credit?
Instead, residents will be able to receive the full amount of Child Tax Credit they are eligible for by filing a 2021 U.S. federal income tax return during the 2022 tax filing season.
How much child tax credit do I get for a 17 year old?
Eligible parents and guardians receive a maximum of $3,000 for each qualifying child who was between the ages of 6 and 17 at the end of 2021. Eligible parents and guardians of qualifying children younger than age 6 at the end of 2021 receive a maximum credit of $3,600 per child.
What is the child tax credit amount for 2021?
As part of the American Rescue Plan, the Child Tax Credit was expanded for 2021 only to include qualifying children ages 17 and under and increased from $2,000 to up to $3,600 per child. It also allowed families the option to receive a half year鈥檚 worth of credit as monthly Child Tax Credit payments in 2021.
When did the child tax credit become a refundable credit?
The Child Tax Credit continued to evolve over the years, becoming a refundable tax credit in 2001. The credit increased to up to $2,000 per child under age 17 through the Tax Cuts and Jobs Act (TCJA) of 2017.