The filing of tax returns this year could yield tax refunds of up to $3,600 per child.
According to The Sun, those families that elected not to receive advance child tax credit payments will now receive the money in full in the coming months.
By the end of July, most parents will have received six payments of $300 or more per child as part of the expanded program.
The amount was temporarily raised from $2,000 to $3,600 last year by President Biden.
You may be able to get up to $3,000 per child when you file your tax returns as a family with children ages six to 17.
The report has it that people may have stopped using advance checks because they wanted to receive their money in one lump sum so they could pay for their holiday or a car.
Parents might also have been worried about having to repay some of their money.
As an early payment of the estimated cash for 2021, the child tax credit was highly dependent on your household size and income in 2020 and 2019.
Lawmakers, however, protected parents with lower incomes from paying too much during this period.
Following Democratic Senator Joe Manchin’s announcement that he could not support the president’s Build Back Better legislation, no child tax credit payments will be issued imminently.
Despite this, White House officials reportedly are planning to assist families in the near future.
According to BGR, Jen Psaki speculated that families might receive a larger check-in in February if they don’t get the payments.
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“If we get it done in January, we’ve talked to Treasury officials and others about doing double payments in February as an option,” she said.
Furthermore, it may be more challenging to pass legislation through Congress in 2022 since it is an election year and the Republican Party may not be keen on giving Biden any “wins.”
A letter from the Internal Revenue Service (IRS) explaining how to get their tax credits in full has been singled out not to be thrown away by parents.
The letter is expected to arrive in an envelope marked “Important Tax Document.”
The IRS stated: “To help taxpayers reconcile and receive all the 2021 child tax credits to which they are entitled, the IRS started sending Letter 6419, 2021 advance CTC, in late December 2021 and will continue into January.
“This letter includes the total amount of advance child tax credit payments taxpayers received in 2021 and the number of qualifying children used to calculate the advance payments.
“People should keep this and any other IRS letters about advance child tax credit payments with their tax records.”
The IRS recommends that families who received advance payments compare the checks they received in 2021 and the possible amount in 2022.
More tax credit information can also be accessed via IRS.gov’s tax credit update portal.
