The Child Tax Credit increases in 2021, and eligible taxpayers can receive an advance of this credit instead of waiting until they file their 2021 return in 2022.

All taxpayers with children age 17 and under qualify for $2,000 per child if their income is under $400,000 (MFJ) and under $200,000 (S). But taxpayers are eligible for an additional $1,000 or $1,600 per child if their MFJ income is below $150,000 or Single under $75,000. The advance is for up to 50% of the total credit and you don't have to sign up anywhere to receive it. Just file your 2020 return as soon as possible. The IRS is expected to set up a portal on their website by July 1st where taxpayers can add dependents born in 2021, make changes to their expected income, update their filing status, etc.