November 29, 2021
The $1.9 trillion COVID-19 relief package will provide tax credits to more than 36 million American families with children. If you’re one of those families, you’ll need to know how the payments
— which will total up $3,600 per child— may affect your tax return. You will want to consult with your tax advisor for the specific details of this tax credit for children under age 18.
What a tax credit is
A tax credit is designed to reduce the amount of income tax you owe to the federal and state governments. They’re a dollar-for-dollar reduction of the income tax you owe: