Under the American Rescue Plan, the child tax credit was increased from $2,000 to $3,000 per eligible child OVER age 6.
The credit was also increased from $2,000 to $3,600 per eligible child UNDER 6 years old.
The rescue plan also provided that eligible parents & children could receive advance payments of their credits during the 2021 calendar year, rather than having to wait and file their 2020 Form 1040 in the 2021 calendar year when the filing season begins.
Many parents started receiving advance payments in July 2021, however, some are still waiting, and others just recently started missing their September payments.
The IRS has acknowledged these issues and is working on getting payments to the parents as soon as possible.
The IRS portal does provide updates and access for taxpayers to check the status of their advanced payments.
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