President Biden had temporarily increased the child tax credit program last year from $2,000 to $3,600
The SUN reports about 35 million families received six-monthly checks worth up to $300 each.
December 15 marked the final day for deposits.
The $2 trillion Build Back Better legislation has since ended with Senator Joe Manchin revealing he wasn’t going to support the continuity of the plan.
According to Politico, families are still eligible for tax credits worth up to $2,000, nonetheless.
Reporters were told by Manchin: “People think it’s all gone by the wayside – that hasn’t happened. The child tax credit is still there.”
The $300 check, however, will not be given to families this month.
Officials disclosed that the Biden administration has not abandoned the Build Back Better plan.
They may break up the bill into smaller parts and pass them piece by piece to get it passed
Currently, officials are working to help families, according to White House press secretary Jen Psaki.
As a result, Cash-strapped Americans may receive a double payment in February, she said.
“If we get it done in January, we’ve talked to Treasury officials and others about doing double payments in February as an option.”
A $300 monthly allowance per child was provided to most eligible families with kids under six.
A $250 bonus per child was also given to those with dependents between the ages of six and 17.
When parents file their tax returns, they will be able to claim up to $1,800 per kid, if they received advance payments.
Do Not Toss Away Your Mail
For parents who decide not to receive monthly tax credits, they could receive up to $3,600 per child.
A letter from the IRS, which officials claim will help Americans receive their child tax credit in full, has been warned not to be thrown away.
Up until the end of the month, letters will continue to be mailed.
The American taxpayers are strongly advised to keep this letter with their tax records, along with any previous letters regarding child tax credits.
A statement from the IRS Boss states: “These letters can help taxpayers, or their tax professional, prepare their 2021 federal tax return.”