2021 has been a unique year for parents across the United States. Compared to past years, they received their annual Child Tax Credits in smaller increments over the last several months. Now, as many should have received the final payment for 2021 last week, we have additional information for Outsiders. Following the end of the year, certain families across the U.S. may earn up to $3,600 per child in 2022.
As per The U.S. Sun, the IRS released the final child tax credit payments on December 15th, with most payments hitting families’ accounts via direct deposit. Meanwhile, for those who have not received the December payment, or any preceding, the outlet states taxpayers will receive the full payment of either $3600 or $3000 per child after filing this year’s return.
Further, those who missed out may claim both missed payments and the total remainder when it comes time to file.
So, when can families begin filing for 2021’s taxes? The U.S. Sun reports Americans may begin electronically filing their taxes at the start of the New Year in January of 2022. An important note states families that don’t file a return must do so if planning to receive this year’s payment.
More importantly, for Outsiders who’ve received the monthly payments, the IRS plans to mail out a 6419 form in 2022. The form outlines the total amount received from this year’s payments. It also entails the number of eligible children for which families received payment. From there, individuals must list the amount received on the upcoming return in order to claim the proper remaining amount.
When Will the IRS Release 2021 Child Tax Credits?
At this time of year, we know how important it is for families to receive their child tax credit payments. That said, the outlet provided a directory as to when we might expect to see payments within the new year.
For those looking to file their 2021 tax return electronically, you can expect to see your due payment within three weeks of filing. Meanwhile, for those going the more traditional paper route, refunds can take anywhere between six and eight weeks to appear.
Fortunately, when finances remain tight for many individuals, the IRS also encourages those filing tax returns to utilize their online tool, “Where’s My Refund?“
The IRS tool enables concerned individuals to follow the process of their filed 2021 taxes, with the system working on a 24-hour basis. This means the system will automatically update overnight, so Outsiders should only have to check the status of their return once daily.
Meanwhile, according to the outlet, the status of American returns becomes available 24 hours after the IRS accepts the e-filed tax return. For those filing paper returns, status updates won’t become available as far as four weeks from the filing date.