If you’re a parent you’ll start to get more money back from the federal government.
The IRS will begin to send monthly advance installments of the 2021 Child Tax Credit to parents this week who claimed it on their 2020 tax return.
Half of the credit will come in 300 dollar installments based on estimates on this year’s credit. The other half must be claimed on your 2021 return.
While the payments will be sent automatically as Paul Francetic from Francetic Tax Resolution told WLIP for some parents it’s not that easy.
He says that may have to be corrected and paid back next year or changed through an upcoming IRS online tool. There are certain qualifications to be eligible for the credit, including having a child who will be under 18 by the end of 2021 and not exceeding the income limit.