Child tax credit

The 2020 Child Tax Credit can only be claimed on a 2020 tax return.  The increased Child Tax Credit for tax year 2021 can only be claimed on the 2021 tax return.

Hi Rsykes,

In general, each tax year is independent. There is no combining of child tax credit across different tax years.

 

For tax year 2020 (filed on 5/17/2021), the child tax credit can be $2,000 per qualifying child.

 

For tax year 2021(to be filed on April 2022), the Child Tax Credit is increased from $2,000 per qualifying child to:

• $3,600 for children ages 5 and under at the end of 2021; and
• $3,000 for children ages 6 through 17 at the end of 2021.

Please see below link Q C1 (Topic C question #1)

https://www.irs.gov/credits-deductions/2021-child-tax-credit-and-advance-child-tax-credit-payments-topic-c-calculation-of-the-2021-child-tax-credit

 

You would need to amend your Tax Year 2020 and/or Tax Year 2019 tax returns to claim the correct amount of child tax credit.

 

Hope this helps and thank you for posting the question.

Correct! So does this mean when we file taxes for 2021 we will receive an additional child tax credit for 2021 tax year (i.e. 2 dependents 5/6 yrs. old; $300 per child=$7200) you have already received half ($3600) does this mean you will receive the remaining $3600 plus your child tax credit for 2021 tax year? Just trying to gain clarity 

Each child, depending on the age, if qualified, TOTAL child tax credit is $3,600 or $3,000. If you received "advanced child tax credit payments," then you get to claim the remaining half amount when filing your tax year 2021 tax return. 

 

Below link Q F10 explained various scenarios on this topic.

https://www.irs.gov/credits-deductions/2021-child-tax-credit-and-advance-child-tax-credit-payments-topic-f-updating-your-child-tax-credit-information-during-2021