The monthly child tax credit payments worth $3,600 have come to an end. However, it will be extended in 2022.
The Child Tax Credit
In a recently published article of “The US Sun“, the child tax credit in December, marked its final month for the expanded child tax credits, where families are still able to get another payment. Furthermore, the child tax credits payments in 2021 were worth up to $3,600 per kid, with eligible families receiving up to $300 per child each month. The American households should have gotten up to $1,800 per child in December’s payment.
That means eligible families will be able to claim the remaining $1,800 in their tax returns. However, there is high support for the direct payments to be extended into 2022. The White House has also suggested that double-checks be sent out to make up for payments that were missed in January.
Here’s How to Process the Money Faster
The child tax credit update portal on the IRS website is where you can see how much you’ve already received or if you received the advanced child tax credit in 2021. Moreover, Americans can file their taxes as early as Jan. 24, all the way through Apr. 18. However, the child tax credit, will not issue a refund until mid-February according to the IRS. Hence as soon as you are ready to file your taxes, do so electronically and set up a direct deposit to receive your return the quickest way possible (within 21 days of filing).
IRS Commissioner Chuck Rettig in a company press release said that filing electronically with direct deposit and avoiding a paper tax return is more important than ever this year and he urges extra attention to those who received an Economic Impact Payment or an advance Child Tax Credit last year. In addition, people should make sure they report the correct amount on their tax returns to avoid delays.
Individuals who are earning less than $73,000 can utilize the IRS’s guided tax preparation service, and those who are making more than $73,000 can use the free fillable forms. Additionally, the free fillable forms, do not provide the users with any tax preparation advice or guidance. In case of failure upon processing the taxes, there is some tax filing software program that will assist you in tax-filing programs such as TurboTax and H&R Block both offers free program for easy returns and, for a fee, advanced programs when dealing with more difficulties.
Lastly, keep in mind that the child tax credit will look different this year. It hasn’t been extended through 2021, and, as of Jan. 1, 2022, the child tax credit reverted to what it was originally: $2,000 per child in the form of a tax refund instead of monthly payments.
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