Millions of families will receive their final enhanced child tax credit check next week. The last payment of 2021 will arrive on December 15. According to CNET, if an eligible recipient is enrolled in direct deposit, their final check should arrive four days from now; if not, they would expect it to arrive in the mail by the end of the month.
Last Payment This Year
Once December’s check arrives, the second half of your Child Tax Credit payment will be sent out when you file your tax return for the following year. There are currently discussions about whether or not the enhanced Child Tax Credit payments will be extended past 2022, but nothing has been confirmed just yet, as per MARCA.
This is how much money you could be eligible for if you meet the income requirements and have received each payment from July to December of this year: Up to $1,800 for children under the age of 5, or up to $1,500 for children aged 6 to 17. A lump sum of up to $3600 per child would be sent to you if you chose to withdraw your application before the first check was issued. Error refunds should be included in your tax return.
Extended In Build Back Better
Taxpayers in the United States are eligible for a tax credit for each dependent child who meets the requirements. According to Investopedia, the American Rescue Plan Act of 2021 significantly increased the size of this tax credit, which was established to assist low- and middle-income families in meeting their financial obligations.
If individuals don’t usually file a tax return, they can still benefit from this tax credit. Despite the fact that it may be too late to receive a payment in December, if they are eligible, they will receive the total amount when they notify the IRS in 2022. On November 19, the House of Representatives passed Biden’s Build Back Better Act. For the next year, the government would continue to pay those benefits. A vote in the Senate is required before the Build Back Better plan can effect in the United States.
Read Related Article: 2,131 Additional Economic Impact Payments To Be Distributed This Month