With the new child tax guidelines, my family should be getting 6,600 tax credit for my 3 and 8 year old. We are under 150,000 AGI. Combined, my husband and I got 3300 in advanced child credit payments from July-December.
At the end of the deductions section where you compare 2020 to 2021, it shows deduction of 4000 for 2020 Child and other dependent tax credit however it says only 3300 for 2021.
Where is the other 3300 tax credit? It is not showing up in my taxes currently as I'm inputting information.
***********************************************************************************************
Here is the statement from the hyperlink in the application:
What’s new with the Child Tax Credit?
Child Tax Credit
In 2021, The American Rescue Plan expanded the Child Tax Credit—here are the details:
- The amount for kids under 6 went from $2,000 to $3,600.
- The amount for kids ages 6-16 went from $2,000 to $3,000.
- 17-year-olds were previously past the cut-off, but are now eligible for a credit of $3,000.
In addition, the entire credit is fully refundable for 2021. This means eligible families can get it, even if they don’t owe federal income taxes.
Advance Child Tax Credit payments
In 2021, many families received advance payments on their Child Tax Credit. These monthly payments let eligible recipients get part of their credit upfront, instead of waiting until they file taxes.
In May 2021, the IRS sent out a letter letting families know they'd begin receiving advance payments in July. The letter also provided instructions for opting out of advance payments.
Most eligible families received about one-half of their tax credit through advance payments, and will claim the remaining half of their credit when they file this year's return.
*********************************************************************************************
Where is the other 3300 tax credit?
