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Income Tax Credits

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Credits reduce the taxes you owe. Both refundable and nonrefundable credits can reduce your tax to zero. If your refundable credits exceed the tax you owe, it can create a refund on your tax return.

Advance Payments of Federal Child Tax Credit
Changes to the federal Child Tax Credit mean that many families will get advance payments of the credit for 2021. Starting in July, the IRS pays half the total credit amount in monthly payments, and you claim the other half when you file your 2021 federal income tax return. For details, go to Advance Child Tax Credit Payments on the IRS website.

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