It was announced by IRS last week that more than 36 million households had received their sixth and final installment of advance child tax credits.
Some eligible families have yet to see a penny of their monthly payments, even though millions of families received up to $300 per child since July. Some haven’t received the full amount of the payment.
According to 8newsnow, Parents who qualify for the child tax credit may instead receive a single payment next year after filing their federal tax returns for 2021.
To claim the funds, the IRS said in a news release, these individuals must fill out their 2021 federal tax return to claim the money or any missed payments.
“This includes families who don’t normally need to file a return,” the release said.
This lump-sum payment includes the last half of the expanded child tax credit in addition to any missed installments. The second half of a child’s credit will still be available to parents who have already received all monthly payments.
A portion of the child tax credit was paid in advance under this year’s American Rescue Plan to qualifying families filing federal income tax returns for 2019 or 2020 or signing up on the IRS’s non-filers tool online.
According to the IRS, more than 200 million payments have been sent to date, totaling at least $93 billion. July 15, August 13, Sept. 15, October 15, November 15, and December 15 were the dates when the money was distributed.
The child tax credit must be claimed on the 2021 tax return by all eligible households in order to receive the remaining funds.
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“Families who received advance payments will need to file a 2021 tax return and compare the advance Child Tax Credit payments they received in 2021 with the amount of the Child Tax Credit they can properly claim on their 2021 tax return,” the release said.
According to the IRS, taxpayers will receive a letter next month with information that will assist them in reconciling the advance tax relief.
According to the expanded credits, the total amount available per child is up to $3,600 per child under the age of 6 and up to $3,000 per child aged 6 to 17.
The previous child tax credit had a maximum of $2,000 and excluded anyone over the age of 17.
You can visit the IRS website to learn more about the expanded payments and to access other resources.