US: Some households may have to repay expanded Child Tax Credit – 4 key differences with stimulus checks
Dow Jones – June 23, 2021
Starting in July, eligible families will get $250 for every child aged 6 through 17. Families will get $300 per child for every kid under age 6. Starting next month, cash from the federal government with no spending restrictions will be popping up in bank accounts as Americans shore up their finances in the pandemic. The IRS is basing CTC payment amounts on 2019 and 2020 tax return data, but if someone in a household lands a better-paying job or a nice raise, that could push them out of income eligibility, Carlos explained. If the IRS overpays, it will want the money back during the 2022 tax season.
https://www.morningstar.com/news/marketwatch/20210623312/some-households-may-have-to-repay-expanded-child-tax-credit-4-key-differences-with-stimulus-checks