Congratulations on your new little one! It is an exciting time and a lot to think about for your 2021 taxes.
Historically the Child Tax Credit is a credit taken on your tax return. The recent American Rescue Plan expanded the Child Tax Credit to include monthly advance credits of the Child Tax Credit.
There are eligibility requirements for the qualifying child as well as income limits. Here is a great tool to with a Child Tax Credit Calculator for you to utilize.
https://blog.turbotax.intuit.com/tax-deductions-and-credits-2/what-is-the-2021-child-tax-credit-unde...
Since you have not received any monthly advance payments you will receive the full Child Tax Credit, if eligible, on your 2021 tax return. You may also chose to use the IRS portal to update your dependent information late summer and begin to receive the advance payments. Any advance payments received will be reconciled and reduce your Child Tax Credit on your 2021 tax return.
https://www.irs.gov/credits-deductions/child-tax-credit-update-portal
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