Advance Child Tax Credit Payments - CPA Clinics
Important changes to the Child Tax Credit will help many families get advance payments of the credit starting this summer. The IRS will pay half the total credit amount in advance monthly payments beginning July 15. You will claim the other half when you file your 2021 income tax return. These changes apply to tax year 2021 only.
To qualify for advance Child Tax Credit payments, you and your spouse, if you filed a joint return, must have:
The IRS will use information you provided to determine if you qualify and automatically enroll you for advance payments. You do not need to take any additional action to get advance payments. Caution. The total amount of the advance Child Tax Credit payments that you receive during 2021 is based on the IRS’s estimate of your 2021 Child Tax Credit. If the total advance payment is greater than the Child Tax Credit amount you are allowed to claim on your 2021 tax return, you may have to repay the excess amount on your 2021 tax return.
