Child Tax Credit: A Complete Video Guide for 2021 (Step-by-Step)

It's official, the new monthly child tax credit kicks off on July 15, 2021. Lets' talk about who's eligible, how do you get your benefits, how will it affect your tax return in 2022, and more when it comes to the child tax credit in 2021.

Tax Planning & Tax Preparation Services: https://bit.ly/3iC6FCI

Alright, so what is this monthly child tax credit all about? Well, as a part of the American Rescue plan that was signed into law back in March.

Households will get an enhanced child tax credit up to $3,600 for children younger than age 6 and $3,000 for those between the ages of 6 and 17.

Now instead of sending out those payments all at once, they have decided to do monthly installments.

$300/mo for people who qualify for the $3,600 and $250/mo for those people who qualify for the $3,000 child tax credit

NOW, these are tax credits… so this is NOT a stimulus check. So watch the entire video to learn how this may impact your tax return when you file in 2022.

Video outline for the child tax credit:

Child tax credit starts July 15: (0:00)
What Is the new child tax credit?: (0:45)
Who qualifies for the max tax credit?: (2:25)
Can you still get the normal tax child tax credit?: (3:00)
How do you get the payments?: (3:59)
How will child tax credits be sent?: (5:13)
When will the payments be sent? (6:17)
Can you opt-out of the monthly tax credit?: (7:15)
Your tax refund may be reduced: (7:41)

Tax Planning & Tax Preparation Services: https://www.lyfetaxes.com/

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Disclaimer: The information provided in this video is for entertainment purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).