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This is how families will get an additional $1,400 deposited in child tax credit when they file for 2021

Families were able to benefit from the American Rescue Plan, which gave them additional money for each dependent.

On top of the $1,400 Americans received, they also can get that amount for each dependent.

There is one type of family that will be benefitting this year: those that welcomed new babies.

Families that gave birth in 2021 did not initially get the benefit because the IRS did not know they had a dependent. They rely on prior tax information to distribute the funds.

Families need to file taxes this year in order to notify the IRS of their new dependent in order to claim the benefit.

The rules are still the same surrounding income, meaning single filers with $75,000 as income and married filers with $150,000 start seeing the payments reduced.

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