Federal Tax, Tax

IRS Updates CTC FAQs

The IRS understands that many taxpayers remain confused about claiming the Child Tax Credit (CTC) for 2021. So it has updated its CTC and advance CTC FAQs. Revisions affect several topics: CTC basics; eligibility rules; reconciling advance CTC payments with the total credit claimed; claiming the CTC for those who don’t normally file a return; and immigration-related issues. But the bottom line remains that if your advance payments were less than your CTC amount, you can claim a credit for the remainder. If, on the other hand, your advance payments were more than your CTC amount, you may need to repay the excess. Click here and here to view the FAQs. For questions, contact the Cg Team. © 2022