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Level 1

Childtax credit

How will accepting the $800 a month for the next 6 months affect my 2021 income tax refund?

2 Replies
Employee Tax Expert

Childtax credit

Hi! The payments you are referring are an advance of a credit you will be receiving when you file your 2021 tax return. Each payment you receive will decrease your refund by the amount you receive.

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Level 1

Childtax credit

Thank you. So if I normally get back $3800 or so for tax refund, and will be receiving $4800 in advance of the child tax credit, I should expect to not get a tax return? It's very confusing how it seems like it's "free" money, but it's really just an advancement?

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