On December 15, 2021, the US will pay the last payment for the Child Tax Credit Schedule. This comes along with the reports that recipients may be eligible for an additional 1,800 dollars per child.
Payments received by direct deposit will be received no later than December 15th.
Enhanced child tax credit payments are set to end soon, but the government intends to extend them.
What Will My Child Tax Credit be in 2022?
You can receive up to 1,800 dollars per child under age 5 if you’ve received each payment between July and December 2021.
For children of ages 6 to 17, it would amount to 3,600 euros.
Also, any payments missed during that time by error or unenrollment should be returned with your tax refund.
Are the Payments Going to be Extended?
Legislators are currently debating extending payments for the child tax credit beyond spring 2022.
Democratic House members passed an extension of the child tax credit by a year as part of the ‘Build Back Better’ program on November 19, 2021.
There is a very slim chance of Congress making a decision before 2022.
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What Happened to my Payment?
It is possible that you will receive your payment in December if, in the past, you did not receive payments. This is often the result of IRS errors and outdated information.
You can also contact IRS to see if your payment has been traced or track your check to ensure it is on its way
The IRS will not currently have your information up to date if you’ve had a child since your last tax filing date, so you won’t receive any money until you file next year’s taxes.
Does this Payment Affect Next Year’s Taxes?
You may be affected by child tax credit payments in the following ways:
- There was an overpayment and the IRS didn’t make any adjustments to payments, so you will have to repay it
- You will have to reimburse the IRS if you received payments that you were not entitled to
- By failing to notify the IRS of your new income, you will be required to adjust your taxes according to whether you gained or lost income
- Payments may be bigger next year if you opt-out of payments this year
- In 2021, money received for children turning 18 will have to be repaid
