Families must check respective bank accounts and mailboxes for the final $300 child tax credit instalments, which will be mailed to individuals who are eligible.
Following six months of payments that began in July, the final advanced child tax credit payment will be delivered on December 15.
Families with children aged six and under received $300 per month under President Joe Biden’s American Rescue Plan, while those with children aged six to 17 received $250.
Taxpayers with the following modified adjusted gross income (AGI) were eligible for the child tax credit payments:
Singles must have a net worth of $75,000 or less.
For heads of household, $112,500 or less is required.
For married couples filing a combined return, as well as qualifying widows and widowers, the threshold is $150,000.
The amount was reduced by $50 for every $1,000 of income above the phase-out level.
If the Internal Revenue Service (IRS) had your tax information, advance payments were issued automatically to qualified families with no action required.
The reimbursements should’ve come as a direct deposit on July 15, August 13, September 15, October 15, and November 15 if the IRS has your account information from past tax seasons.
They were mailed to anyone who does not have their bank account information on file.
Non-filers may be eligible for a lump-sum payment the following year.
According to the IRS, eligible families that missed the monthly payments can claim the lump sum by filing a federal income tax return in 2021.
This includes families that aren’t required to file taxes on a regular basis.
People can use the Advance Child Tax Credit Eligibility Assistant to check their eligibility, according to the government.
If their income dropped drastically from 2019 to 2020, some taxpayers may have been eligible for “plus-up” stimulus checks.
Related Topic: In 2022, Do You Want Your Stimulus Check or Child Tax Credit
The IRS also has a tool that may be used to claim any stimulus cheques you may be due.
Even if you don’t regularly file, you’ll need to file a 2021 tax return to receive any Recovery Rebate Credits.
Are there going to be any additional payments in 2022?
Although Biden has called for the credit to be extended through 2025, the American Rescue Plan Act of 2021 only boosts the child tax credit for tax year 2021.
Congress has yet to adopt legislation to assure that payments are made on schedule next year, and the IRS has given it until December 28 to submit the package.
Other monetary aid has been implemented by some states, local governments, and organisations, such as $6,300 payments for students at an Atlanta, Georgia, school.
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