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child tax credit tagged posts

Monthly Child Tax Credit Payments

L.K. Benson Tips from the Pros tax reform

Thanks to L. K. Benson for sharing this blog about monthly child tax credit payments with us.

The following is a summary letter outlining the changes to the child tax credit prepared by the AICPA:

Recently, there were changes made to the child tax credit that will benefit many taxpayers. As part of the American Rescue Plan Act that was enacted in March 2021, the child tax credit:

  • Amount has increased for certain taxpayers
  • Is fully refundable (meaning you can receive it even if you don’t owe the IRS.
  • May be partially received in monthly payments

The new law also raised the age of qualifying children to 17 from 16. This means some families will be able to take advantage of the credit longer.

The IRS started paying half the credit in the form of advance monthly payments be...

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