The final date to sign up for the 2021 advance monthly payments for the child tax credit was November 15, 2021. So, in case you haven’t been able to file child tax credit payments, it might be too late. While you are still eligible for the tax credit, you may have to wait until next year to benefit from it.
Child tax credits this year
As of now, the sixth check of the child tax credit is all set to be issued on December 15, 2021. This will be the last check issued for a total payment of around $77 billion that has been paid out since July this year.
The tax credits are up to $3,000 for families with kids between the ages of 6 and 17 years. For families with children below 6, the amount is up to $3,600. For now, you may have to wait till 2022 to apply and be eligible for the credit.
If you or your family is eligible for the payout, you can avail the benefits of advance child tax credit checks in full next year in case you haven’t claimed them yet this year. For this, you can check GetCTC. It is a government tool assigned to help low-income families access expanded credit and stimulus checks through simplified tax returns. Type in your phone number and email address on GetCTC to get regular updates on your tax benefits.
Already claimed tax credit this year?
If your family has already claimed the tax credit this year, the IRS will send you a letter in January 2022. It will detail the total amount claimed by you. After receiving the letter, you will haver to input the amount while filing your taxes to claim the remaining credit. If you have opted out of the monthly checks even after qualifying for advance payments, you can claim balance tax credits in a lump sum while filing tax returns. Remember, the last date for tax filing next year will be April 18, 2022.
Like other stimulus checks, child tax credits issued by the government are tax-free. Hence, the IRS will either send it to you as a refund after you file your returns or reduce your taxes with the amount you should get.
The best way to get your tax refund at the earliest is by filing your tax returns online. Select your preferred payment method as direct deposit. It allows you get the refund within 3 weeks.
The future of child tax credit payments
The child tax credit payments have helped millions of families across the US. From sustaining households to taking care of kids during the troubled 18 months, these payments helped people in overcoming financial troubles. However, there’s no clarity if Congress will continue issuing these checks in the future.