Prior to 2021, the Child Tax Credit was worth up to $2,000 per child, only $1,400 of which was refundable. This year, the Child Tax Credit has gotten a huge, albeit temporary, boost, thanks to the American Rescue Plan, the massive COVID-19 relief bill signed into law in mid-March. Just as importantly, this year, half of the Child Tax Credit is being paid out in monthly installments, the first of which went out in July and the last of which is set to hit bank accounts in December.
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