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CHILD TAX CREDIT

Understanding the child tax credit.

CHILD TAX CREDIT

For tax year 2021, families claiming the Child Tax Credit will receive:

  • Up to $3,000 per qualifying child between the ages of 6 and 17 at the end of 2021
  • Up to $3,600 per qualifying child under age 6 at the end of 2021
  • Monthly “advance CTC” payments totaling 50% of 2021 expected CTC issued July thru December
  • The total of the advance payments will be up to 50 percent of the Child Tax Credit.

WARNING: CTC to be claimed on 2021 tax return must be reduced by total advance CTC payments received.

  • If you do not want to receive monthly advance payments, you may “opt out” of those payments by going to the IRS’ Child Tax Credit Update Portal (“CTC UP”)
  • If you would like help opting-out of the Child Tax Credit, we can help! Call your local Liberty Tax office for more information.

Who qualifies for advance payments?

To qualify for advance payments of the Child Tax Credit, you (and your spouse, if you filed a joint return) must have:

  • Filed a 2019 or 2020 tax return and claimed the Child Tax Credit on the return or
  • Given the IRS your information in 2020 to receive the Economic Impact Payment with the Non-Filers: Enter Payment Info Here tool or
  • Given the IRS your information in 2021 with the Non-Filer: Submit Your Information tool; and
  • Lived in a main home in the United States for more than half the year (the 50 states and the District of Columbia) or filed a joint return with a spouse who has a main home in the United States for more than half the year; and
  • A qualifying child who is under age 18 at the end of 2021 and who has a valid Social Security number; and
  • Made less than certain income limits.

 How does it work?

  • Advance payments will be calculated and paid automatically.
  • Eligible taxpayers who don’t want to receive advance payment of the 2021 Child Tax Credit can unenroll from payments.
  • Eligible taxpayers who don’t normally file a tax return can register for the monthly advance payments using the Non-filer Sign-up Tool.

Source: Publication 5534-B (6-2021) Catalog Number 38828A Department of the Treasury Internal Revenue Service www.irs.gov

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