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Deductions & credits
The increased Child Tax Credit is effective on the 2021 tax return to be file next year, not the 2020 tax return.
Any advances on the CTC will be handled by the IRS.
See this article from Kiplinger's for a detailed explanation - https://www.kiplinger.com/taxes/602431/child-tax-credit-2021-who-gets-3600-will-i-get-monthly-paymen...
March 18, 2021
6:04 PM