The US Kid Tax Credit Schedule will end on December 15, 2021, with participants receiving an additional $1,800 per child.
Direct deposit recipients will get their payments by the 15th.
The government proposes to prolong the increased child tax credit payments now that the benefits are ending.
How much Child Tax Credit will I get in 2022?
Between July and December 2021, you might have earned up to $1,800 per kid under the age of 5.
From 6 to 17 years old, that’s 3,600 euros.
Also, any missed payments due to mistakes or un-enrollment should be reimbursed in your tax refund.
Will the payments increase?
Tax credits for children may be extended beyond spring 2022 in Congress.
A year ago, on November 19, 2021, House Democrats approved a 1.75 trillion dollar “Build Back Better” bill.
Congress is unlikely to act until 2022.
Where’s my money?
If you haven’t received payments owing to IRS issues or outdated information, you may get them in December.
If not, you may file for an IRS payment trace or monitor your check.
If you had a kid after your previous tax filing, the IRS will not have your updated information and you will not be paid until the following year.
Impact on following year’s taxes
The child tax credit may impact your taxes in many ways:
Because the IRS did not modify subsequent payments, you must repay the overpayment.
If you got funds you weren’t due, you must reimburse the IRS.
If you don’t tell the IRS of additional income, your tax bracket will change.
A year of non-payment may lead to higher payouts next year
Repayments for children turning 18 by the end of 2021