02/11/2021
New child tax credit could give your family a bonus check every month for a year. What to know
President Biden's stimulus plan could include new rules that could bring families thousands of dollars extra, in addition to stimulus checks. Here's what we know so far.This week, Congress is clarifying the details of President Joe Biden's $1.9 trillion stimulus proposal, and the third stimulus check of up to $1,400 that could come with it, including for child and adult dependents. House Democrats are also preparing legislation that would provide at least $3,000 per child to millions of American families as part of the plan, as an update to the Child Tax Credit, The Washington Post reports. This would be separate from and in addition the upcoming stimulus check, if adopted and approved.
While Biden's plan and this potential change to the Child Tax Credit aren't yet law, you could still get more money back on your tax refund under the current version of the credit. At a basic level, the CTC is a credit parents can claim to help reduce their tax bill, depending on the number and ages of their dependents. For many, it may provide a much-needed source of relief as part of a 2020 tax year refund.
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