@kwoolf05 wrote:
So if I have two children, how much less will my tax refund be from 2021? It’s not been clear that this is basically an advance off of 2021 and what we claim for each child.
Eligible families will receive a payment of up to $300 per month for each child under age 6, and up to $250 per month for each child ages 6 through 17. The first monthly payment of the expanded and newly-advanceable Child Tax Credit will be made on July 15.
If each child is age 6 through age 17 then the credit on the 2021 tax return will be $3,000 each.
The advance credit beginning in July 15, 2021 and through December 15, 2021 will be $250 a month for each child eligible.
So when you file your 2021 tax return the Child Tax Credit of $3,000 for each child will be reduced by the $1,500 advance credit you received for each child during calendar year 2021.
