How receiving a child tax credit or stimulus check affects your taxes

The video tutorial explains the financial relief measures provided during the pandemic, including the third round of economic impact payments and the temporary expansion of the child tax credit. It details the eligibility criteria, amounts, and the difference between tax credits and deductions. The tutorial also covers the IRS documentation required for tax filing and the potential need to repay some credits if income increased in 2021. Viewers are advised to verify their payments with IRS records to ensure accuracy.

What was the amount of the third round of economic impact payments sent by the IRS for eligible individuals?

How did the American Rescue Plan temporarily change the child tax credit in 2021?

What are the income thresholds for single parents and married couples to qualify for a reduced portion of the child tax credit?

What documents will the IRS mail to help you calculate your child tax credit and economic impact payments?

What might happen if your income rose substantially after receiving advanced payments of the child tax credit?