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News You Need to Know

Child tax credit
Under the American Rescue Plan Act, for 2021 only, the maximum child tax credit is $3,000
($3,600 for children under age six) per qualifying child and it is fully refundable.
The child tax credit (CTC) for 2020 and earlier is $2,000 per qualifying child and is refundable
up to $1,400, subject to phase-outs. To receive the refundable portion of the CTC, include a
Social Security number (SSN) for each qualifying child claimed on the tax return.
Phase-outs, which are not indexed for inflation, will begin with AGI of more than $400,000 for
married taxpayers filing jointly and more than $200,000 for all other taxpayers.
Qualifying child
A qualifying child is any child who satisfies all the following:
• The child is the taxpayer’s son, daughter, stepchild, foster child, brother, sister, stepbrother,
stepsister, half-brother, half-sister or a descendent of any of them.
• The child has not attained the age of 18 by the end of the year.
• The child lived with the taxpayer for more than half of the year. An exception applies for a
child of divorced or separated parents.
• The taxpayer treats the child as a dependent for their return.
• The child does not file a joint return, except if only for a refund of withheld taxes or
estimated tax payment.
• The child is a citizen, national or resident of the U.S.
• The child must have an SSN.Peruse our News section below filled with helpful tips regarding your financing, company updates and industry resources. Doing our job well doesn’t end at handling accounts and managing finances - it extends past the office and into the trends, changes and news in the finance industry. We’re especially proud of staying up to date on new ways to help our clients manage their money, and we will always share thoughts and updates with visitors and customers to ensure they’re in the loop too.

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