ROCK HILL, S.C. (CN2 NEWS) – If you claim a child on your income taxes you have probably received a letter from the IRS that shares information about you possibly being eligible to receive advance payments of the Child Tax Credit.
Its for most tax payers due to President Joe Biden’s American Rescue Plan that was signed into law in March.
CN2 cameras stopped by Accu-Trol Tax Service in Rock Hill and learned more from Accountant, Stephan Dye.
Dye says in years past the child tax credit was $2,000 per child.
For tax year 2021 the maximum annual child tax credit is now $3,000 per qualifying child between ages 6 to 17 and $3,600 for children under 6, this is all subject to income.
Dye says if you decide to accept the advance payments right now it will be a monthly payment starting in July through December.
According to the letter in general qualifying children must live with the taxpayer in the United States for more than half a year.
Dye says if you decided to get the credit in advance it could affect your refund next year, he adds every situation is different and says if you have questions to reach out to a tax professional.
According to the letter from the IRS if you don’t wish to receive advance Child Tax Credit payments, instructions on how to unenroll from the payments will be available by the end of June.
To learn more and to check for additional information you can visit www.irs.gov/childtaxcredit2021
