In 2022, families in the United States may be eligible for a $7,200 tax refund. Only a select few parents will be eligible for the whole amount.
The US may be Eligible for the $7,200 Tax Refund in 2022
Hundreds of families in the United States will get off to a good start in 2022 when they get a handsome $7200 tax refund. Although the authorities have said that this would not apply to the vast majority of people and that only a select few will be able to collect the entire sum.
As part of the enhanced Child Tax Credit authorized in March 2021, the American Rescue Plan provides direct relief to parents that might claim an amount up to $3,600 per child under the age of six or up to $3,000 per child between the ages of six and seventeen.
The US Government
Since July, the US government has begun distributing federal help in advance installments. First, up to $1,800 for each kid under the age of six, and up to $1,500 for each child aged six to seventeen. From July to December, they sent six-monthly advance payments. The other half will be a one-time payout of up to $1,800 for children under the age of six and up to $1,500 for children aged six to seventeen. Although the majority of families have already received all six advance payments, you must claim one extra payment on your 2021 tax return.
If they complete specific qualifications, some parents may be eligible for a $7,200 Child Tax Credit. The first is that they must have missed out on the monthly advance checks that were sent out last year, either because they were unable to collect them or because they chose to receive them in a lump amount in 2022.
If your family did not get early checks, the IRS may send you up to $3,600 for each child under the age of six when you submit your tax return. If you have more than one child, you may be eligible for up to $7,200.