Child Tax Credit Advance Payments

Have you heard about the monthly payments that the IRS will be dispersing sometime in July? Maybe you've already received a letter about these payments? In short, the IRS will be giving advance monthly payments to parents with children under 18 years of age. If there are any children under 6 years old, they advance payments will be slightly more. There is the possibility that some of the payments would need to be repaid once the 2021 tax return is filed. For more details, see below.

See this link for some highlights directly from the IRS news page. You can also view this link for a detailed video explanation of the credit from ClearValue Tax.

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