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Changes to the Child Tax Credit

Brandon Borsen, CPA

There are significant changes coming to the Child Tax Credit which will help many families get advance payments of the Child Tax Credit starting in the summer of 2021.

Half the total credit amount will be paid in advance monthly payments and you will claim the other half when you file your 2021 income tax return. The first advance payment will be issued on July 15, 2021.

Please check out the child tax credit portal below to view your eligibility, view your advanced payments or unenroll from getting advance payments.

https://www.irs.gov/credits-deductions/child-tax-credit-update-portal