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How The 2021 Child Tax Credits Work

Resources and information on the Child Tax Credit (CTC) and the Child and Dependent Care Tax Credit (CDCTC) in the American Rescue Plan Act of 2021 for parents of The Learning Experience. These expanded, increased and refundable tax breaks apply for the 2021 tax year, and an individual or household can claim both.

Child Tax Credit (CTC)
Beginning in tax year 2021 (the taxes you file in 2022) the Child Tax Credit will be expanded. The bill increases the amount that families claiming the Child Tax Credit receive from $2,000 to:

$3,600 for each child under 6
$3,000 for each child age 6-17
get an estimate of how much you’ll receive in advance form July – December 2021 (assuming monthly payments), and how much you’ll be able to claim as a CTC on your 2021 tax return.

This is a tax credit, which means it reduces your tax bill on a dollar-for-dollar basis. The Child Tax Credit is also refundable; that is, it can reduce your tax bill to zero and you might be able to get a tax refund check for anything left over.

You can either claim 100% of your 2021 Child Tax Credit on your taxes when you do your 2021 taxes (that’s the tax return due in April of 2022), or you can get 50% of that money now in cash and claim the other 50% on your taxes later.

Under the cash payment program, you get six monthly advance payments from the U.S. Treasury via direct deposit starting in July and running through December of 2021. For example, if you qualify for a $3,000 Child Tax Credit, you could get six $250 payments between July and December (for a total of $1,500) and then claim the remaining $1,500 on your taxes.

Visit Kiplinger’s 2021 Child Tax Credit Calculator

There is an income phase out for the expanded credit, as illustrated in the figure “Child Credit Amount for One Young Child 0-5 years old), 2021”. Generally, this increase in the maximum child credit of $1,600 per young child (0-5) would gradually phase out at a rate of 5% as income exceeded specified thresholds until the credit amount equaled the current-law maximum of $2,000 per child. These thresholds are $75,000 for single filers, $112,500 for head of household filers, and $150,000 for married joint filers. The credit would then remain at its current-law level and phase out when income exceeded the current-law threshold of $200,000 ($400,000 for married joint filers).

General Resources:
H&R Block, “Coronavirus tax resource center: American Rescue Plan (ARP) Act of 2021 provisions that may benefit you”
IRS, “Credit and Deductions for Individuals” (*Check back for updates to this page. IRS is reviewing the tax provisions of the American Rescue Plan Act of 2021, signed into law on March 11, 2021)
IRS, “Coronavirus Tax Relief, Recovery Rebate Credit and Economic Impact Payments for Individuals and Families”
Turbo Tax 2020 – 2021 Tax Calculators
Fax Foundation, 3/12/2021, “The American Rescue Plan Act Greatly Expands Benefits through the Tax Code in 2021”
Congressional Research Service, Report R46680, 3/8/2021, “The American Rescue Plan Act of 2021 (ARPA; H.R. 1319) Title IX Subtitle G—Tax Provisions Related to Promoting Economic Security”
Smart Asset, 3/17/2021, “All About Child Tax Credits”