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1 reply

KathrynG3
KathrynG3
April 5, 2021

The CARES Act is separate from the American Rescue Plan. The American Rescue Plan did increase the Child Tax Credit. However, this will apply to 2021, not 2020. How this will be done is still being determined by the IRS.

 

You do not need to do anything now. All eligible taxpayers will get this credit either through the rest of 2021 or on the 2021 tax year filed in 2022.

 

For more information, see: 

American Rescue Plan: What Does it Mean for You and a Third Stimulus Check | The TurboTax Blog

IRS Statement - American Rescue Plan Act of 2021 | Internal Revenue Service

Child tax credit by the numbers | Internal Revenue Service

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