AICPA Addresses Taxpayers’ Top Questions About the Child Tax Credit
Among the many changes to the child tax credit, AICPA recommends that taxpayers be aware of the following:
- Among the many changes to the child tax credit, AICPA recommends that taxpayers be aware of the following:
The age of qualifying children was raised from 16 to 17. - The tax credit amount has increased for certain taxpayers.
- Taxpayers should also understand that these changes are temporary and only apply to the 2021 tax year, and the decision to have the child tax credit payments received in advance will affect a taxpayers refund or amount due when that return is filed.
- Taxpayers can update their information to reflect any new information that might impact their child tax credit amount, such as filing status or number of children, using the IRSs child tax credit and update portal .