Fact Sheet – Child Tax Credit | Advance Child Tax Credit Payments

calculator and notepad placed on usa dollars stack
woman using calculator

There have been important changes to the Child Tax Credit that will help many families receive advance payments. The American Rescue Plan Act (ARPA) of 2021 expands the Child Tax Credit (CTC) for tax year 2021 only.

What are advance Child Tax Credit payments? (updated May 20, 2022)
Advance Child Tax Credit payments are early payments from the IRS of 50 percent of the estimated amount of the Child Tax Credit that you may properly claim on your 2021 tax return. If the IRS processed your 2020 tax return or 2019 tax return before the end of June 2021, these monthly payments began in July and continued through December 2021, based on the information contained in that return.
Note: Advance Child Tax Credit payment amounts were not based on the Credit for Other Dependents, which is not refundable. For more information about the Credit for Other Dependents, see IRS Schedule 8812 (Form 1040), Credits for Qualifying Children and Other Dependents.

fact-sheet-1

This entry was posted in Advance Child Tax Credit, Child Tax Credit, Child Tax Credit, Family, IRS. Bookmark the permalink.

Comments are closed.