The monthly child credit payments aren't taxable.
On your 2021 Form 1040, which you file next year, you'll reconcile the payments you got with your actual credit.
If the child credit exceeds the payments that you received, you can claim the excess. If the credit is less than what you got, you may or may not have to repay the excess.
IRS will mail a notice by Jan. 31, 2022, showing the total amount of payments made to you.
Keep the letter with your tax records to help you fill out your 2021 return.
Contacts us to set up an appointment if you have any questions:
United States Tax Services: Tax Preparation, Payroll, Accounting, Tax Planning contact@unitedstatestaxservices.us
https://unitedstatestaxservices.us/
Call us at (800) 913-0809 or send an SMS at (224) 676-3577 if you have any questions.
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