topic New Child Tax Credit in Deductions & credits

New Child Tax Credit

Maybaybie18 — Sun, 07 Mar 2021 12:52:18 GMT

So it looks as if the new child tax credit will be passed that increases the age to 17 and under for 2021. I currently have a child that turned 17 in 2020 so I lost out on that credit. Am I to assume that when I file my taxes this year, the old age of 16 and under still applies and he does not qualify for the credit? Sadly, in 2021 he will be 18 and also won't qualify. Is there a chance this new law would also count for those who haven't filed yet this year and he may still qualify under the new law of 17 and under?

Re: New Child Tax Credit

DoninGA — Sun, 07 Mar 2021 12:57:17 GMT

The tax code for 2020 has not changed so the CTC is only available for a dependent child under the age of 17 in 2020.

How the tax code changes for tax year 2021 is yet to be seen since the IRS has not written the regulations and rules for 2021 awaiting the passage of legislation.

Re: New Child Tax Credit

teresamorgan0301969 — Sat, 20 Mar 2021 16:29:11 GMT

Hello @DoninGA

Any new updates as of today, Saturday, 20th.

Thank you,

Teresa M.

Re: New Child Tax Credit

DoninGA — Sat, 20 Mar 2021 16:32:58 GMT

@teresamorgan0301969 wrote:

Hello @DoninGA

Any new updates as of today, Saturday, 20th.

Thank you,

Teresa M.

The increased Child Tax Credit is effective for a 2021 tax return to be filed next year, not on a 2020 tax return.

The IRS may be sending an Advance credit starting in July 2021 for those eligible.