Child Tax Credit increased for 2021

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Taxes and money. (Karolina Grabowska / Pexels)

CLEVELAND (WJW) — For this year only, the child tax credit has increased from $2,000 per child to $3,000 per child. Parents of children under age 6 would be eligible for an even larger $3,600 total credit. The plan also includes $3,000 benefits to the parents of 17-year-olds who meet plan qualifications. Previously children had to be 16 or younger.

The child tax credit has increased from $2,000 per child to $3,000 per child. Parents of children under age 6 would be eligible for an even larger $3,600 total credit.

The plan also includes $3,000 benefits to the parents of 17-year-olds who meet plan qualifications. Previously children had to be 16 or younger. The credit is also fully refundable.

For the standard $2,000 child tax credit, the phase-out starts at $400,000 if filing jointly. According to the relief plan signed earlier this month, the additional credit will phase out for single filers at $75,000 and joint filers at $150,000.

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