Online Calculator from H&R Block Helps Families Estimate their Advance Child Tax Credit Payments
KANSAS CITY, Mo. – This July, millions of families will receive their first monthly child tax credit advance payment as part of the March 2021 American Rescue Plan. Now people can better understand how much money they might receive and the impact of the changes to their tax return next year, with the help of H&R Block’s new online calculator.
“These payments are important to families and there may be confusion about the new monthly payments,” said Bob Moretti, H&R Block’s senior vice president of U.S. retail operations “H&R Block is here to help answer questions and our new online calculator will help people understand what to expect for their monthly payments now and when they file their taxes next year.”
H&R Block’s calculator helps people estimate how much they might receive
The H&R Block child tax credit calculator at hrblock.com/CTC will help families estimate what to expect simply by inputting their filing status, 2020 income, and the number and ages of their children. The calculator reflects the amount families can expect in monthly payments, July to December, and an estimate of the credit amount they may receive when they file their taxes next year.
Free online filing for people to submit information
Those who may be eligible for the child tax credit, but weren’t required to file a tax return the past two years, can file a free, simple return using H&R Block Free Online to ensure that the IRS has their information.
Online resource page answers common questions
H&R Block’s online resource page at hrblock.com/CTC updates people with information as it becomes available from the IRS, including links to the IRS portal for opting out of the advance payments. There are also answers to common questions such as where the advance payments will be deposited, how to update information with the IRS, and the online child tax credit calculator.
About H&R Block
H&R Block, Inc. (NYSE: HRB) provides help and inspires confidence in its clients and communities everywhere through global tax preparation, financial products, and small business solutions. The company blends digital innovation with the human expertise and care of its associates and franchisees as it helps people get the best outcome at tax time, and better manage and access their money year-round. Through Block Advisors and Wave, the company helps small business owners thrive with innovative products like Wave Money, a small business banking and bookkeeping solution, and the only business bank account to manage bookkeeping automatically. For more information, visit H&R Block News or follow @HRBlockNews on Twitter.
H&R Block's online resource helps families understand what to expect from the expanded tax credit and advance monthly payments.
H&R Block knows there are questions about the new advance child tax credit payments. Here are three key things families should know.