There are thousands of Americans who are struggling financially, and they may be eligible for child tax credits of up to $3,600 next year if they qualify.
Child tax credit payments will be discontinued in 2021 after families were able to use them to elevate themselves out of poverty during the previous decade.
Those who got payouts received six monthly amounts of up to $1,800 each from July through December, depending on their income. This corresponded to the first half of the enhanced child tax credit scheduled to take effect in 2022.
Prior to receiving their first payment, some families made the decision to opt-out of the program. They were able to collect the entire amount of up to $3,600 at once as a result of this arrangement.
Parents will receive $3,600 for children under the age of five and $3,000 for children between the ages of six and seventeen.
Anyone who had a newborn kid in December 2021 will receive an additional $3,600 in compensation.
This implies that if you have a kid before midnight on December 31st, you will be eligible for the program.
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Payments for the child tax credit will begin in 2022.
In the meanwhile, the Build Back Better Act has not passed, and in order for child tax credit payments to continue, the bill must be passed by December 28, 2018.
If it is not passed by that date, the IRS will not be able to issue checks to families until January 15, 2022.
It was dropped from consideration when Senator Joe Manchin stated that he would not vote for President Joe Biden’s plan at the time it was announced.
If it is successful in passing next year, the extension of the child tax credit will be extended for another calendar year.
The White House stated that if the law is passed, they will work closely with the Treasury Department to double February’s payment in order to make up for the payment that was missed in January.
The final payment for the 2021 advanced child tax credit payments was made on December 15, according to the IRS.
