PARENTS were set to get the last round of this year’s child tax credit payments TODAY, December 15, 2021, with uncertainty surrounding next year’s payments.
Congress has not yet passed legislation to ensure timely payments next year, and the Internal Revenue Service (IRS) has given it until December 28 to put forth the package.
If President Joe Biden’s $1.75trillion Build Back Better program is approved, CTC credits would be extended for another year.
To qualify, families need to make less than $150,000. Single parents who file as heads of households need to make under $112,500.
Typically, qualifying families receive up to $300 per child per month.
But CTC payments received in 2021 could affect your 2022 taxes, if you received an overpayment and the IRS didn’t adjust the amount on later payments.
If you received payments you didn’t qualify for the money will need to be paid back.
Read our Child Tax Credit live blog below for the latest news and updates…
Families with two children can receive $8k
Parents that have kids under 13 and an income of less than $125,000 can claim the extra cash next year.
The support is known as the child and dependent tax credit, which aims to help working families offset expenses when financially providing for their kids.
Qualifying expenses include transportation,…