More than 36 million households received the final monthly installment of advance child tax credits from the IRS last week. Even though millions of families have received monthly payments of up to $300 per child since July, some eligible families have yet to receive a penny. All of the money hasn’t been distributed to everyone, according to News Nation.
The Missed Payments
More than 200 million families have received payments totaling more than $93 billion due to the American Rescue Plan. In most cases, eligible families received payment dates ranging from July 15 to December 15. Each payment is up to $300 per month for children under the age of six and up to $250 per month for children ages six to 17.
According to IRS, those parents who qualify for the child tax credit may instead receive a single payment next year when they file their federal tax return in 2021. When they file their federal tax return in 2021, they must claim the total amount or any missing payments to receive the funds. Non-taxpayers, including those who aren’t required to file, are included.
The Catch-Up Payments
According to BGR, recipients will receive, for the most part, the same amount of money that they have received in the previous five checks. In other words, each eligible child will receive a sum of money in the range of a few hundred dollars. In the meantime, for some families, these checks are only now beginning to arrive in the mail. Those who signed up before November 15 will receive a “catch-up” check from the Internal Revenue Service in December.
IRS Letter 6419, which will be sent in January 2022, will include the total amount of advance Child Tax Credit payments received in 2021 and the number of qualifying children used to calculate the advance payments. All correspondence from the Internal Revenue Service (IRS) regarding the advance payment of the Child Tax Credit should be kept on file by taxpayers.
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