Tax Topic

Child Tax Credit and Additional Child Tax Credit

This credit for 2021 can be up to $3,600 per qualifying child (under 18 at 12/31/21) and is refundable for residents of the US. There are phase outs of this credit based on overall income. Additionally, the child must have a Social Security Number to qualify for the Child Tax Credit.

The IRS sent advance payments of this credit out to many taxpayers over the second half of 2021. If you received any such advance payment, please tell us the amount received – the IRS requires that we reconcile the credit and advance on the tax return. The IRS will be sending out letters summarizing how much of this credit was paid out in advance. Please include this letter with the tax documents you provide to us.

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