Child tax credit payments are ending in less than two weeks – but here’s how you could still get $1,800 more per kid
CHILD tax credit payments are ending in less than two weeks — but here’s how you could still receive $1,800 more for each kid.
As many Americans are set to get the last round of this year’s child tax credit payments on December 15, 2021, it’s important to note that more CTC payments won’t be sent out until 2022 taxes are filed.
The Internal Revenue Service has been sending out child tax credit payments to millions of families since July and there is a continuous debate in Congress on whether the CTC payments should be extended after the spring of 2022.
And if the $1.75trillion Build Back Better program is approved, CTC credits would be extended for another year.
If you’re eligible for monthly child tax credit payments after submitting your 2022 tax returns, you could likely receive up to $1,800 for each child age 5 and younger, CNET reports.
Additionally, you could get a max of $1,500 for each child between the ages of 6 and 17.
To qualify for the full CTC payments, couples need to make less than $150,000 and single parents who file as heads of households need to make under $112,500.
Typically, qualifying families receive up to $300 per child per month.
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Who gets up to $1,800 per child?
Families getting $1,800 payments per child are non-filers who used the GetCTC.org tool before the November 15 deadline.
If you failed to use it in time, you, unfortunately, missed out and will have to wait until next year when you file your tax return.
Read our child tax credit live blog for the very latest news and updates…
Those who were able to use it in time will get $1,800 for each child age under six and $1,500 for kids aged six to 17.
For example, if you have two children under age six you would get $3,600. And if you have one child under six and one six to 17 you would get $3,300.
Since you missed out on all the other monthly installments, you would get a one-time payment to make up for it.
How much others will get
Meanwhile, others will be getting up to $900 per child if you just started claiming last month before the IRS tool closed.
And if you started first receiving payments in October, you’ll get up to $600 per child.
Everyone claiming the tax credits this year will be able to claim the remaining half of their payments on their tax return.
But after that, it’s possible that might be the last expanded child tax credit payment that you’ll receive unless Washington acts and extends it.
We explain how families with kids under 13 could get a surprise stimulus payment of $8,000.
We break down schools and colleges giving up to $10,000 in grants.
Plus, we unveil 10 states and cities giving out stimulus and other payments before Christmas.
How 2021 CTC payments might affect your taxes
According to CNET, CTC payments received in 2021 could affect your 2022 taxes if “you received an overpayment and the IRS didn’t adjust the amount on later payments” or “you received payments you didn’t qualify for.”
In both cases, the money will need to be paid back.
Additionally, your taxes could be affected if “your income changed, and you didn’t report it to the IRS” or “you received money for a child that’ll turn 18.”
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