Key Facts About the Child Tax Credit
The Child Tax Credit provides money to support American families
Thanks to the American Rescue Plan, the vast majority of families will receive $3,000 per child ages 6-17 years old and $3,600 per child under 6 as a result of the increased 2021 Child Tax Credit.
Here is some important information to understand about this year’s Child Tax Credit:
Increased amount: The American Rescue Plan significantly increased the amount of Child Tax Credit a family could receive for 2021, typically from $2,000 to $3,000 or $3,600 per qualifying child. It also made the parents or guardians of 17-year-old children newly eligible for up to the full $3,000.
Income eligibility: All eligible families can receive the full credit if they made up to $150,000 for a married couple or $112,500 for a family with a single parent in 2021.
Advance monthly payments: The American Rescue Plan—for the first time ever—provided tens of millions of families with advance monthly payments between July and December of 2021 worth up to one-half of their estimated full annual credit amount.
Your remaining credit: Families, including those who received part of their Child Tax Credit as monthly payments last year, can get their remaining Child Tax Credit by filing a tax return this year.
Non-taxable: The Child Tax Credit, including the monthly payments received last year, are not taxable.
Does not affect other benefits: Receiving the Child Tax Credit will have no impact on anyone’s eligibility for, or lower the amount, of other federal benefits.
File your taxes to receive your full credit: If you qualified for monthly Child Tax Credit payments but did not receive them, you will receive the full credit amount when you file your tax returns.
For parents and legal guardians: Anyone, including grandparents, who are legal guardians may be eligible for the Child Tax Credit.
Here’s how you can determine if you are eligible or find free resources to help you file for the credit.
The #ChildTaxCredit was increased and expanded in 2021 by the American Rescue Plan, and most families are eligible to receive the credit for their children. For families with kids, the 2021 CTC is $3,000-$3,600 per kid, based on their age. Learn more https://childtaxcredit.gov
