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Child tax credit: Who s eligible, how to receive and payment amount

View Comments If you haven t filed your 2020 tax return, there s still a way to get a child tax credit via the Internal Revenue Service s portal.  The advanced child tax credit, which will begin being disbursed to qualifying families July 15, is part of President Joe Biden s American Rescue Plan but has existed in some form since 1997. It s a credit eligible parents can subtract from their income taxes.  Eligible parents will receive monthly payments, connected through income taxes, for the next six months of half the total credit assigned to them. The other half can be claimed in your 2021 tax return.  This differs from the current child tax credit plan in which parents can only claim the tax credit in full when filing taxes, instead of now being able to claim half now and half later.

Child tax credit: Who s eligible, how to receive and payment amount

If you haven t filed your 2020 tax return, there s still a way to get a child tax credit via the Internal Revenue Service s portal.  The advanced child tax credit, which will begin being disbursed to qualifying families July 15, is part of President Joe Biden s American Rescue Plan but has existed in some form since 1997. It s a credit eligible parents can subtract from their income taxes.  Eligible parents will receive monthly payments, connected through income taxes, for the next six months of half the total credit assigned to them. The other half can be claimed in your 2021 tax return.  This differs from the current child tax credit plan in which parents can only claim the tax credit in full when filing taxes, instead of now being able to claim half now and half later.

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