Iowans can now start to file their income taxes for the 2021 tax year. 

Certified Public Accountant with Henkel and Associates Tom Kennedy reminds those with children about the Advanced Child Tax Credit that was implemented last year by the federal government. Kennedy says every year parents or guardians are given tax credits for dependent children and the federal government increased that credit to $3,600 for zero to five year olds and to $3,000 for those dependents who were 6-17 years old. The increased amount was given in a monthly payment from July through December.

Kennedy points out for those that took the advanced payment to be aware of a document that the IRS will send telling how much you received.

“Make sure that that matches up with what you actually received from the IRS, because every once in a while there’ll be a glitch in that. If there is a glitch in that, that will slow down your refund. So it’s real important that the numbers match up and don’t forget that you got some payments. Because that’ll just slow down you refund process and there’s nothing we can do once it gets in that system to speed it up.”        

Kennedy notes the increased credit was based on the 2020 income tax return. He explains how someone who added an additional dependent child last year, whether or not they can receive the credit. 

“Even if they didn’t know about it, you’ll still get to claim that on this year’s tax return, then you’ll get that credit. I think you’ve got on the web portal and updated that information, but if you didn’t then yeah you can get it on your return.”  

The income tax filing deadline is April 18th.