Insights

Child Tax Credit

Important changes to the Child Tax Credit are helping many families get advance payments of the credit:

  • Half the total credit amount is being paid in advance monthly payments. 
  • You claim the other half when you file your 2021 income tax return.

Advance payments are sent automatically to eligible people. You do not need to take any action if we have your tax information.

Who Qualifies for Advance Payments?

To qualify for advance payments of the Child Tax Credit, you (and your spouse, if you filed a joint return) must have:

  • Filed a 2019 or 2020 tax return and claimed the Child Tax Credit on the return or
  • Given IRS  information in 2020 to receive the Economic Impact Payment with the Non-Filers
  • Given IRS  information in 2021 with the Non-Filer
  • Lived in a main home in the United States for more than half the year (the 50 states and the District of Columbia) or filed a joint return with a spouse who has a main home in the United States for more than half the year; and
  • A qualifying child who is under age 18 at the end of 2021 and who has a valid Social Security number; and
  • Made less than certain income limits.

Please contact us if you have any questions.