The IRS is sending letters to 36 million American families this month, who may be eligible for the monthly Child Tax Credit payments beginning July 2021. The letters are going to families whose eligibility is based on information they included in their 2019 or 2020 federal income tax return, or who used the Non-Filers tool on IRS.gov in 2020 to register for an Economic Impact Payment.
The $1.9 trillion American Rescue Plan passed in March includes a one-year expansion of the Child Tax Credit that increases the credit amount and allows it to be distributed in periodic payments in advance.
The maximum credit in 2021 is $3,600 for children under the age of six and $3,000 for children between six and 17. Previously, the maximum tax credit was $2,000 per child under 17.
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Episode 71 – Health is Wealth: How to Eat for Energy with Caryn O’Sullivan