The child tax credit could be available to thousands of Americans who are struggling financially next year.
However, after families use the child tax credit to lift themselves out of poverty through 2021, the program will cease. From July through December, those who received payments received up to $1,800 each month. In terms of the new child tax credit, this amounts to the first half of 2022.
Before receiving the first payment, some families opted out of the program. Therefore, they could collect the entire $3,600 amount at once.
The parents of children five and under will receive $3,600, while parents of children 6 to 17 will receive $3,000 in tax credits.
The same goes for anyone with a newborn child in December of 2021.
It’s been more than a month since the Build Back Better bill wasn’t passed, which was supposed to help with child tax credit payments. Families cannot receive money until it is passed on December 28.
If it is not passed by January 15, 2022, families will not get checks from the IRS.
Its chances of passing were eliminated when Senator Joe Manchin announced that he would not support it.
In the event that it passes in 2022, the child tax credit expansion will continue for one more year.
If the bill passes, the White House will work closely with Treasury to make up for January by doubling February’s payment.
