Christmas is now officially behind us. With that said, parents across the country have a greater opportunity to focus on tax returns ahead of the New Year. Now, the $300 advance monthly child tax credit payments for 2021 have concluded. However, some Outsiders still have a little less than a week to apply for payments totaling between $1800 and $3600.
As many probably know, the final monthly advance child tax credit payments were distributed on the 15th of this month. With that, it marked an end for the 2021 additional funds. However, according to The U.S. Sun, parents who opted out of the advance monthly payments or did not receive any can get $3600 per child. These totals apply to children under the age of six when filing tax returns in the New Year.
Further, payments between $1800 and $3600 will go to families who opted out of the automatic monthly payments for 2021. Many chose to do so in case their eligibility changed prior to 2022. It related to concerns about having to repay the IRS’s exceeding funds.
Also, parents welcoming a new baby in 2021 may be eligible for that same $3600 total on this year’s return.
For those parents with children aged six to 17, payment totals amount to $3000 each.
More importantly, the news outlet states parents who did receive the monthly payments throughout the year should look for a Letter 6914. The paperwork will arrive by mail, from the IRS. As per The U.S. Sun, the letter contains crucial information for families who did receive the child tax credit payments for 2021.
Will Child Tax Credits Endure Through 2022?
For many Outsiders across the country, the IRS’s monthly child tax credit payments have been crucial. It’s been especially helpful for families struggling with food and home security.
Now, as 2021 concludes, there’s been no word as to whether the monthly payments will continue into the next year. Current reports state government officials continue to discuss methods of assisting American families. However, there’s been no confirmation that the relief effort, initiated at the height of the pandemic, will continue.
That said, families should definitely look into making sure they receive this year’s due payments.
Additionally, White House press secretary Jen Psaki suggested that if further relief efforts succeed in January, February will see American families receiving a larger payment.
“If we get it done in January,” Psaki began, “we’ve talked to Treasury officials and others about doing double payments in February as an option.”
Unfortunately, however, for those with questions for the IRS, the news outlet reports a backlog of tax returns, stimulus check delays, and unemployment refunds have rendered the government agency nearly unreachable. So, for those with IRS concerns, be sure to check the agency’s website for updates on payments, eligibility, and related problems.