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Child tax credit: New parents could see $5,000

Americans have already started filing their tax returns, and many are waiting for the final payment from their child tax credit.

tax return used to file with the IRS to claim credits like the child tax credit

The child tax credit is a credit available every year, but for 2021 it was expanded.

Parents with children under age 6 will see as much as $3,600 while parents with kids ages 6 and up will see payments worth $3,000.

The first half of child tax credit payments went out in 2021 between July and Dec. as monthly payments.

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Some individuals did not get these advanced payments, meaning they can get the full $3,600.

Some are collecting the full amount is because they had a child. If that’s the case they can also collect the $1,400 they’re entitled to.

This brings the total possible amount to $5,000.

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Who can collect the child tax credit?

If you paid to support the child at least half of the year, and the child lived with you for half of the year you can qualify.

You and/or your partner need to have lived in the U.S. for at least half of the year.

If your income with a partner is under $400,000 or $200,000 individually you may qualify.

You must claim your newborn as a dependent on your taxes this year to get the child tax credit.

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