President Joe Biden’s $1.75 trillion Build Back Better Act which was passed by the House of Representatives on Nov. 19 has enabled the extension of the payment of stimulus money including a $1,400 payment and federal Child Tax Credit into 2022.
The act makes permanent refunding of tax credit possible and families can get the money whether they file taxes or not.
Currently, the Child Tax Credit payment amount is $3,600 for children under six years old and $3,000 for children aged six to 17.
The first half of the extended credit began being delivered to families monthly in July and will continue until the December 15 payment. That works out to $300 per month for children under six and $250 for children 6-17. Payments phase out for people with higher incomes.
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Families who are not receiving the payments because they do not file taxes are required to sign up on the Internal Revenue Service website and the Child Tax Credit update portal.
According to the IRS, families who signed up by Nov. 15 will get the entire first half of the Child Tax Credit as a single payment, the other half of their total Child Tax Credit will be paid on December 15. This means a payment of up to $1,800 for each child, under 6, and up to $1,500 for each child, ages 6 to 17.
If you missed the deadline, you need to wait to file taxes in 2022 to claim the credit.
