Expanded Child Tax Credit in 2021
The relief package signed by President Biden has also temporarily expanded the Child Tax Credit in 2021. For families with lower incomes, affected by the COVID-19 pandemic, the expansion means a powerful income boost.
According to the recent legislation, families with 17-year-old children, not only those with children under 17, can be eligible for a credit of $3,000 per child over the next year. For example, you can receive around $300 every month for each child aged 5 or younger. This means you’ll get a total of $3,600 between now and 2022. For each kid between ages 6 and 17, you can get $250, totaling $3,000 between now and 2022.