American families can receive credits for each child under age 18 called Child Tax Credit (CTC). The American Rescue Plan Act (ARPA) of 2021 has expanded the CTC to help many families get advance payments starting July 15, 2021.
If your family has children under age 18, you can receive Child Tax Credits (CTCs) even if you do not file a tax return or have any reported income. The CTC for qualifying children is fully refundable. Here’s what you need to know to get your CTCs.
The CTC includes all children under age 18, including those who turn age 17 in 2021. For the tax year 2021, families claiming the CTC will receive:
EXAMPLE OF PAYMENTS:
If you qualify for a $3,000 Child Tax Credit, you could get six $250 payments between July and December (for a total of $1,500) and then claim the remaining $1,500 on your taxes.
To apply for your CTCs, visit the IRS for more information