The White House has declared June 21st “CTC Awareness Day”

The American Rescue Plan, signed into law on March 11, 2021, expanded the Child Tax Credit for 2021 to get more help to more families.

• It has gone from $2,000 per child in 2020 to $3,600 for each child under age 6.
• For each child ages 6 to 16, it’s increased from $2,000 to $3,000.
• It also now makes 17-year-olds eligible for the $3,000 credit.
• Previously, low-income families did not get the same amount or any of the Child Tax Credit. Under the American Rescue Plan, all families in need will get the full amount.
• To get money to families sooner, the IRS will send you half of your 2021 Child Tax Credit this year, starting in July.
• It will be broken up into monthly payments, which means payments of up to $300 per child under age 6 and $250 per child ages 6 to 17.
• You’ll get the remainder of the credit when you file your taxes next year.

 

For more information, visit: www.childtaxcredit.gov

 

CTC explained:   https://www.whitehouse.gov/wp-content/uploads/2021/06/One-Pager_CTC-Major-Tax-Relief_8.5x11_Digital_061421_V4.pdf

 

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