Approximately 90% of children in the US will benefit from the increased payments.
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Starting July 15, parents will begin receiving advanced child tax credit payments on a monthly basis through the end of the year, with the rest of the money coming alongside their tax refund in 2022. Parents who want the credit in one single payment will have the option to opt out of the partial monthly checks when the IRS portals open this summer. But what about parents who have joint custody? Will each of them receive a payment?
We’ll explain who’s eligible for a payment, what the rules are for parents with shared custody of a child and how the expanded child tax credit is different than before. For example, as a parent, you could receive a total of up to $3,600 for each kid under age 18, and babies born during this year are eligible. Also, parents who pay little to no federal tax will get the full amount they qualify for, whereas in the past, lower-income families were excluded.
Here’s what you need to know about the requirements your dependents must…
