In March of this year, Congress passed The American Rescue Plan Act. This included an increase in the Child Tax Credit for 2021 only. Under the old laws, this credit was $2,000 per child under the age of 17. For 2021 only, this credit has been increased to $3,000 per child under the age of 18, and $3,600 per child under the age of 6. These credits of course have certain income stipulations.
Learn more with Chris, our Tax Manager, in this video below as she goes over what those stipulations are, who is eligible for the CTC advance payments beginning this month, and who should opt out and why.
Click here to access the Child Tax Credit Update Portal: https://www.irs.gov/credits-deductions/child-tax-credit-update-portal
