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The child tax credit under the Tax Cuts and Jobs Act of 2017. Top plateau would be higher for more children. Under the Tax Cuts and Jobs Act of 2017 (TCJA), for the years 2018–2025 (excluding 2021, see below section Temporary Expansion in 2021) the CTC allows taxpayers to reduce their federal tax liabilities by $2,000 per qualifying child (see Eligibility).
The rollout of funds for the expanded child tax credit began on July 15, with the IRS sending out letters to 36 million families believed to be eligible to receive them. Families can expect the ...
Eligible families that didn’t receive any advance child tax credit payments during 2021 can still claim the full amount of the child tax credit on their federal tax return.
The official name of the Child Tax Credit letter is “Letter 6419, 2021 advance CTC.” It will be mailed starting in late December and continuing into January.
This year, eligible families can use GetCTC to receive the 2021 Child Tax Credit, expanded last year to $3,600 per child 5 and under and $3,000 per child 6 to 17. Families that didn’t receive ...
The American Rescue Plan, enacted in March, increased the existing child tax credit by $3,000 from $2,000 with a $600 bonus for kids under the age of 6 for the 2021 tax year.
The American Rescue Plan Act was passed in 2021 to help Americans financially during the coronavirus pandemic. Under the Act, the child tax credit was temporarily enhanced and expanded. For ...
The sixth and final installment of the advance portion of the 2021 child tax credit was distributed back in December 2021. Fortunately, you can still claim the credit on your taxes even if you ...
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