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Child Tax Credit FAQ

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What is new about the 2021 Child Tax Credit?

The American Rescue Plan includes 4 key changes:
·      Increased the tax credit amount to $3,000 per child age 6-17 and $3,600 per child age 0-5.
·      Made the credit fully refundable. Even if you don’t owe taxes, you could get the full credit.
·      Removes the minimum income requirement. You can have zero income and still claim the credit.
·      Provides advance payments; you don’t have to wait until you file your 2021 tax return in 2022.

Who is eligible?

The adult filing taxes must have an SSN or ITIN and the children in the family must: 
·         Have a Social Security Number (SSN),
·         Live with you for at least half of the year,
·         Be under age 18 as of December 31, 2021, and
·         Be claimed on your tax return.

When will I get the advance Child Tax Credit payments?

For the remainder of 2021, the IRS will be issuing payments by direct deposit or paper check on the 15th of the month in September, October, November and December.

How is this helping Texas families?

·      Nearly every family is eligible to receive the 2021 Child Tax Credit.
·      Families that haven’t filed a tax return and families that didn’t have recent income this year are eligible.

·      Eligible families will receive up to $3,600 for each child age 0-5, and $3,000 for each child age 6-17.
·      The Child Tax Credit is not a loan; it is a cash benefit for families. 
·      Families can receive half the credit between July and Dec. and the remaining half when they file taxes in 2022.

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