This is about Child Tax Credit. It’s for those who are eligible but have missed this payment for a reason or the other. It’s still possible to get all the payments and get future payments.
How Child Tax Credit Works.
Before March 2021; the child tax credit was a yearly pay of $2000 per child under the age of 16. But in March, under the American rescue plan of President Joe Biden, it became expanded child tax credit and it became $3,600 for children under 6 years old and $3,000 for children aged 6 to 17. It was yearly before then it become a monthly payment since July 15, 2021. So the Monthly payment is $300 for those less than age 6 and $250 for those who are age 6-27.
First Half and Second Half.
The payment for the second half of 2021; July-December 2021 came on the 15th of every month. But January – June 2021 hasn’t been paid at all. Families should expect a payment of $1800 and $1500 respectively by April 15, 2022.
Will More Expanded Checks Still Come in 2022?
Biden wants the expanded Child Tax Credit to continue for one more year. The Democrats also want the continuation. But the Republicans at the senate may not make this work.
They believe that having too much money in circulation may lead to Inflation which has already begun based on the November 2021 Inflation report; that prices of consumer goods went up by 6.8% compared to November 2020 which is the highest in 39 years. It is unlikely that the expanded checks will keep coming in.
For those who missed the Stimulus Checks.
For those who noticed their missing payments earlier and filed a report with the IRS; on December 15; they have received their full payment for December plus all the missing months in one check.
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A parent who has 4 children under the age of 6 will receive $1200 for the December payment. Assuming they have missed the last 5 months’ payments too; they get an extra $6000; given a total of $7200; Child tax Credit on 4 Children for 6 months. By April 15, 2022; they will also get another $7200 for the first half of 2021 expanded child tax credit.
It is not too late.
For those who have missed the payments in 2021. It is not over yet; all you must do now is to file your 2021 tax return in 2022 or file your 2020 tax return if it’s not too late to file it. Once the tax return is filed; the missing money will be paid in 2022.
What happens if the expanded Child Tax Credit Stops?
It’s simple. The money stops coming in monthly; it comes in yearly; and it goes back to its initial $2000 per child plus; children age 17 might be excluded from this benefit. And the money comes in after the tax return for the previous year has been filed.
