The federal Child Tax Credit in 2021 is better than 2020, but it’s NOT new! I keep reminding myself that we received a $6k (3 kids >5 * $2k / child) credit in 2020 and 2021 will only be $3k more ($1k / >5 child). It’s also going to start coming monthly…but that’s just early $$$ (that I can’t expect when filing taxes next year).
- there’s more newness in 2021 for other people (child under age 6 more $$$, older dependents, refundable credit, etc.) – do your own homework!
- 2021’s changes don’t carry over to 2022 – unless laws change again