Eligible families will receive the refund, despite not owing federal income tax.įor more information on the Child Tax Credit, please click here. Previous to this year, the refundable amount was limited to $1,400 per child. In addition, the credit is refundable for 2021. And the extra amount above the original $2,000 credit, either $1,000 or $1,600 per child, is now reduced by $50 for every $1,000. $150,000 or less for married couples filing a joint return and qualified widows and widowers.įor most, the modified AGI is shown on Line 11 of the 2020 - Form 1040 or 1040-SR. $112,500 or less for heads of household and The following is the breakdown of how the credit will be applied for people with a modified adjusted gross income (AGI) of:
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Recently, the American Rescue Plan raised the maximum Child Tax Credit to $3,600 for children under the age of 6, and to $3,000 per child for children ages 6-17.Īll eligible families will receive the full credit if they make up to $150,000 for a couple or $112,500 for a family with a single parent. If you are unsure of what the CTC is and whether or not your family qualifies for it, the webinar will include information on CTC eligibility and more options for taking action they will also be demonstrating consumer education tools from their “Your Money, Your Goals” toolkit so that families can make financial planning goals for CTC payments such as budgeting, debt action plans, and s savings plans.Ĭlosed captioning will be available during the webinar. EST, where they will discuss the details about the upcoming Advanced Child Tax Credit (CTC) monthly payments from the IRS that will begin in July.
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The bureau is inviting anyone interested to join their free webinar on Monday, July 19 from 4:00-5:00 p.m. The CFPB is also committed to providing consumers with up-to-date information and resources to protect and manage their finances. The Consumer Financial Protection Bureau (CFPB) is a United States governmental agency that protects consumers from unfair, deceptive, practices and takes action against companies that break the law.
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