Skip to main content
July 10, 2021
Question

Should I accept the early 2021 child tax credit payments? Or, based off my 2020 return, will I end up paying back money when I file my 2021 return?

  • July 10, 2021
  • 1 reply
  • 0 views
No text available

1 reply

Critter-3
July 10, 2021

That is a question only you can answer based on your situation ... but the basic facts :

 

Old rules :   CTC  was $2000 per qualifying child of which only $1400 is refundable if it could not be used to negate federal taxes.

 

New rules:  CTC is either $3000 or $3600 (under 6 years old)  and ALL of it is refundable after paying off the federal taxes.  So if you get 1/2 in advance all that is left on the return to be used  is $1500 or $1800