TIPS AND TRICKS

Don’t Forget About that Child Tax Credit
The American Rescue Plan Act increased this income-based credit to as much as $3,600 for each child under age 6 and to $3,000 for each kid aged 6 to 17. But most parents already received half of that in the form of monthly payments from July through December of last year. “That was an advance, so you may get a smaller credit when you file your taxes and therefore a smaller refund,” says Lisa Greene-Lewis, a tax expert with TurboTax. 

If calculating your remaining credit seems confusing, don’t fret. The IRS sent out Letter 6419, which lists the amount of Child Tax Credit payments you received in 2021 and the number of children used to calculate those payments