The monthly payments have also increased from a maximum of $2,000 to up to $3,600 per child. The child tax credit is a tax benefit for families with children, and for 2021—as part of the American Rescue Act—these payments have increased to a maximum of $3,600 per child. What that means is that families eligible for the child tax credit will receive six monthly payments in 2021, arriving from July through December. To see how much you might qualify for under this threshold, check out this child tax benefit tax calculator (which for some reason doesn’t include estimates for kids over 17). )Parents who share custody of a child cannot both receive the tax credit.

Source: The Nation April 14, 2021 20:03 UTC