6 things parents should know about the new child tax credit, according to a tax expert

Do parents need to do anything to get the increased child tax credit? Here's what you should know.

The monthly payments will be made through December of this year, according to York.

The extra amounts of the credit -- the $1,600 and $1,000 increases above the normal $2,000 amount – do start phasing out above certain income levels, according to York.2021 Child Tax Credit calculator: How much could you receive? So, families making above $150,000 a year and single parents making above $112,500 will still be eligible for the same credit amount they would have received without Biden’s changes, but not eligible for the full increased amount.

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