 TITLE: 4 Ways to Use Your New Child Tax Credit to Help Your Kids CONTENT: How Will the New Child Tax Credit Affect Your Family?\n-----------------------------------------------------\nFor the 2021 tax year, qualifying parents will receive a refundable tax credit that is higher than the 2020 credit. This year, those who qualify will receive $3,600 a year for children under 6 years of age and $3,000 for children ages 6 to 17. Half will be paid in monthly installments from July to December of 2021; the other half may be claimed as a lump sum credit on your 2021 taxes. If you have children ages 2 and 6, for example, you will receive six monthly payments of $550 from July through December and an additional $3,300 credit on your 2021 taxes. Since the tax credit is refundable, you'll receive a cash payment if your tax liability is less than the amount of the credit.\nWho qualifies for the child tax credit?\n*   Married parents earning up to $150,000 can qualify for the additional credit amount.\n*   Head-of-household filers earning up to $112,500 can qualify.\nConfirm your eligibility and get more details at ChildTaxCredit.gov. Although there's talk of making these credits permanent, that hasn't happened yet: They're for 2021 only. For that reason, you may want to resist taking actions that will increase your monthly expenses indefinitely, especially if it would be hard to afford when the credits go away. That still leaves plenty of impactful ideas: Read on for a few great ways to spend your child tax credits. END