Child Tax Credit 2021: 13 Things to Know as the Payments Begin Going Out Today

The child tax credit 2021 payments are going out today and some people have questions about the program.

Image of money representing Child Tax Credit 2021 payments.

Source: Kevin McGovern / Shutterstock.com

Luckily, we’ve got a nice breakdown of what you need to know about the child tax credit 2021 payments.

  • The Internal Revenue Service (IRS) is sending out advance tax credits to qualifying individuals for the 2021 tax year.
  • To qualify for these advance tax credits, filers will have to have done a few things.
  • The easiest is to have filed a 2019 or 2020 tax return and claimed the child tax credit for those years.
  • Doing so will have you automatically signed up for the new advance payments going out.
  • There are other ways that you can be eligible for the advance child tax credit in 2021.
  • That includes giving the IRS your info for Economic Impact Payment using the Non-Filers: Enter Payment Info Here tool.
  • In addition to this, it requires a main home in the U.S. for more than half a year.
  • This can also count if filing jointly with a spouse that has a main home in the U.S. for more than half a year.
  • You must also have a qualifying child under the age of 18 at the end of 2021 with a valid Social Security Number.
  • Finally, you must make less than certain income limits.
  • If you meet these qualifications, the IRS will start sending out the child tax credit 2021 payments automatically.
  • The first half of the credit will be sent out over the next several months.
  • You can then claim the second half when filing taxes for 2021.

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


Article printed from InvestorPlace Media, https://investorplace.com/2021/07/child-tax-credit-2021-13-things-to-know-as-the-payments-begin-going-out-today/.

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