American Rescue Plan Act of 2021:
- For 2021 ONLY: The age for taxpayers without children to claim the EIC payment has been lowered from age 25yrs old to age 19 years old. (However full time students must be 24 years old to receive the EIC) Maximum age is 65 years old.
- For 2021 ONLY: Child Tax Credit (CTC) increases from $2000 per child under age 18 to $3600 for children under 6 years old, and $3000 for children 6 to 18 years old. (Unless you opted out of monthly payments, you will automatically receive the Advanced Payments (First payment was July 15,2021)
- Advanced Child Tax Credit Payment Online Tools: IRS has launched new tools to help manage and monitor the advanced CTC payments. In January of 2022 IRS will send a letter 6419 that will provide the total amount of Advanced CTC payments that have been disbursed during 2021.
- Charitable Contributions: For tax year 2021 Contributions can be taken by individuals $300 (MFJ $600) for non itemizing tax filers.(CASH DONATIONS ONLY).