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Application deadline for $7,200 in Child Tax Credit is approaching soon

If you didn’t get the advance CTC in 2021, you could get up to $3,600 per child under 6.

families with kids may qualify for CTC

A family with two kids could get $7,200 if certain criteria are met.

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What are Child Tax Credits?

Child Tax Credits (CTC) were originally introduced in 1997 to offer financial relief to middle and low-income families with children. Read more about it here.

Each qualifying dependent will usually get you a credit of $2,000. However, the credit was boosted to a maximum of $3,600 during 2021 to help during the pandemic.

Parents that claimed the credit on their 2020 taxes got advanced payments up to $300 per child monthly from July to December. If families opted out of monthly checks, they’ll get the total credit as a lump sum on their 2021 tax returns. The deadline to file your 2021 taxes is April 18, 2022.

If you’re not sure if you qualify, the IRS has a tool to help.

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