ST. LOUIS – You may have already received a deposit or check for the child tax credit, but how does this work if you’re a divorced parent and share custody?
The first check went out on July 15 and those payments will continue monthly through the end of the year.
Jonathan Marks with The Marks Law Firm explained the predicament out on the Lakeside Renovation and Design Weather Deck.
For children that are ages 6 and under, the child tax credit gives parents $3,600 per year. Parents with children between 6 and 17 years old get $3,000 per year.
The IRS will then faze it out based on a family’s 2020 taxes.
For divorced parents that take turns claiming their children on their yearly taxes, the parent that claimed in 2020 may get the money that they will then have to pay back in 2021.
Marks said the parent getting the money that knows they will have to return it can contact the IRS.