Q1. Have we always gotten this child tax credit (CTC), just at the refund time?
A1. Yes.
Q2. Has the amount changed? What is the total amount per child?
A 2. Yes. It was $2000 per child, of which only (up to) $1400 was refundable. The Child Tax Credit (CTC) increased from $2000 to $3000 ($3600 for children under 6). It's all refundable. But, it's only for 2021. Unless congress changes the law, it goes back to the old way in 2022.
Q3. I currently have 3 kids under 5 and I am receiving $300 per kid. How long will I get these payments?
A 3. Thru December, 6 months total.
Q. 4. Is there a portion of the tax credit that I will still see during the refund time?
A 4. Yes, half of it. $1800 per child, under 6.
Q 5. I assume if my normal tax return is say 7500, but my total ADVANCE child tax credit is $5400 (1800 per child), then my refund, at tax filing time, would be $2100 ($7500 - 5400 = 2100). Is that correct?
A 5. No. Your normal $7500 will be increased by $4800, the increase in the child tax credit (1600 x 3). So, 7500 + 4800 - 5400 = $6900 refund for 2021. This assumes that your "normal $7500" included the full $1400 refundable portion of the old $2000 CTC (known as the Additional Child Tax credit). So, your refund could be more than $6900.
