What you need to know about the 2021 Child Tax Credit

If you claimed a dependent child in 2020, you can probably not only expect a higher child tax credit for 2021, but you may also start getting advanced monthly payments beginning in July of this year. Here’s what you should know:

Even if your income does not qualify you for the increased credit, you may still qualify for the original $2,000 child tax credit. If you are concerned about having to pay back the child tax credit due to a change in income, you can elect to receive your full credit on your return and opt-out of the advanced payments by using the IRS online portal scheduled to be launched in July 2021.

Get a sneak peek at your expected monthly payments using our 2021 Child Tax Calculator!

IOOGO Tax will be watching closely for any updates. Be sure to follow us for the latest news.

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