Families received nearly $94 billion in Child Tax Credits. See where it went.

In March 2021, the American Rescue Plan Act (ARPA) expanded the Child Tax Credit. Eligible families could claim the credit for each qualifying child when submitting their 2021 tax returns. The Internal Revenue Service issued more than 37 million Child Tax Credits totaling nearly $94 billion in 2021.  Families can still submit revised tax returns to claim the credit until 2024. 

The expanded Tax Credit: 

• Raised the tax credit amount from $2,000 to $3,600 for each child under the age of six and from $2,000 to $3,000 for children between the ages of six and 18.
• Allowed families to receive half of the tax credit in monthly payments beginning in July 2021. Families claimed the other half of the credit when filing tax returns.