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How to get the rest of your money through a child tax credit: How to get the rest of your income

How to get the rest of your money through a child tax credit: How to get the rest of your income

Advance child tax credit payments slowed in December, but there's still more money.

The IRS has announced last week that the tax season will begin on January 24, the earliest time you can.

Before the tax season begins, make sure you receive and keep an eye out for it in the mail.

You'll be able to claim any child tax credit cash you didn't receive in 2021, if you opt out of advance child tax credit payments or if you had a new baby later in 2021. The IRS will tell you how much money you received in 2021 and the number of qualifying dependents used to calculate payments.

While there's still money coming from the expanded child tax credit in 2021, you may be wondering if the child tax credit has been extended for 2022 or if Congress will ever reauthorize the expanded child tax credit or the advance payments.

Your child tax credit card should be filled with other tax documents.

The IRS said it began sending out the letter to family members in late December and will continue sending it through January. Keep an eye on your mailbox because you'll need it when you file your taxes this year.

How much would you spend this year on a child tax credit?

When you file your tax returns, you can expect to receive up to $1,800 for each child between the ages of 5 and 17.

If you receive payments before the first check went out, you'll receive the entire amount you qualify for at once -- up to $3,600 per child under 6 and $3,000 per child ages 6-17

If you opted out of advance payments, you might receive $3,600 per child when you file taxes in 2021.

What happens when you never received one or more child tax credit payments last year?

If you are missing funds from one of the previous checks or incomplete information, you can either wait for the issue to be resolved when you file your taxes or you can ask the IRS to make sure it's not already on the way.

If you gained a dependent since you last filed taxes, the IRS would not have that information on file.

Will the advance payments you received in the coming year affect your taxes this year?

Here's how you might (for better or worse) repay child tax credit payments this year.

  • You received an overpayment and the IRS didn't adjust the amount on later payments. You'll have to pay this back.
  • You received payments you didn't qualify for. You'll have to pay the IRS back.
  • Your income changed, and you didn't report it to the IRS. This could result in a larger or smaller tax refund or you owing the IRS, depending on if your income was higher or lower than what the IRS used to calculate your payment.
  • You opted out of the payments last year, so your payout will be larger this year.
  • You received money for a child who turned 18 last year. You may have to pay that money back.

Your taxes might be affected by the child tax credit payments.

How to get your child tax credit money if you had a newborn or adopted as a result of your last filing your taxes

If you had a baby by the end of December, or have a baby, you'll get up to $3,600 for that child when you pay taxes, owing expenses and a lump sum.

When you claim your child on your tax return, you should get that cash, which will inform the IRS of your household changes.

For more information, please contact us today for more information.

What's the most recent report on increased child tax credit checks this year?

The majority of the House of Representatives has passed an extension of the child tax credit increase and advance payments until the end of the year. However, a West Virginia Democrat said he wouldn't support the bill unless a vote is made to determine the outcome of the payments.

Chuck Schumer, a Senate Majority Leader, promised a vote on Build Back Better in early January 2022.

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