FAQ update on income change reporting for CTCs

November 11, 2021

The IRS earlier this week updated its FAQs addressing the child tax credit (CTC) and advance payments.

Generally, the IRS uses information from taxpayers’ 2020 tax returns to determine the eligibility for advance CTC payments, which began this July.

The full CTC amount is $3,000 for each qualifying child between ages 6 and 17 at the end of the 2021 tax year. The full CTC amount is $3,6000 for each qualifying child under age 6 at the end of the tax year. Read more.

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