- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
https://www.kiplinger.com/taxes/602334/2021-child-tax-credit-calculator
Big changes were made to the 2021 child tax credit by the American Rescue Plan Act, which President Biden signed into law in March. The two most significant changes impact the credit amount and how parents receive the credit. First, the new law temporarily increases the credit amount from $2,000-per-child to $3,000-per-child ($3,600 for children 5 years old and younger) for the 2021 tax year. Second, it authorizes advance payments to eligible families from July to December. Half the total credit amount will be paid in advance with the monthly payments this year, while the other half will be claimed on the tax return you'll file next year.
Forgive me but this type of info confuses me ESPECIALLY when the Turbo gave me the note that I am supposed to get $3000