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Will I get the expanded CTC for my dependent under new law if I claimed the standard deduction on my tax return?
I’m referring to the child tax credit advance payments starting in July. I claimed her as a dependent but didn’t make enough money to claim the child tax credit
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March 13, 2021
4:15 PM
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Yes, the language in the new law with respect to the advanced Child Tax Credits indicate the $2,500 earnings floor is removed and the credit is fully refundable. This allows the lower income taxpayers to take advantage of this provision.
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March 14, 2021
11:19 AM
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Thank you for your reply that was very informative. I was having trouble understanding the language of the temporary expansion of the CTC so I wanted to clarify that. Again I appreciate it! Have a good one!
March 16, 2021
2:22 PM