Many families are starting to get the remainder of their enhanced child tax credit funds after filing their tax forms. After filing their taxes and receiving their tax refunds, eligible parents will receive the remaining half of their child tax credit money.
In late December, the IRS began mailing Letter 6419 to families. Keep a check on your mailbox if you haven't got it yet, since some letters may still be in transit.
That letter contains critical information regarding your child tax credit payments that you should double-check for correctness, such as the number of dependents used to calculate the amount you receive.
Don't be concerned if you don't receive the letter or if you misplace it. With an online IRS account, you can get all of the crucial information you need for your 2021 tax return on the IRS website.
If you and your family meet the income qualifying standards and received each advance payment between July and December 2021, you can expect to receive up to $1,800 for each kid aged 5 and under, or up to $1,500 for each child aged 6 to 17, when you file your 2021 taxes.
There is no limit to the number of children who are eligible for the increased child tax credit, but the amount of credit you receive is determined by your income level. The credit begins to diminish after $75,000 in income for single filers and $150,000 for married couples filing jointly. It totally fades out at $220,000 and $440,000, respectively.
You'll get your entire qualifying amount with your tax refund if you opted out of partial payments before the first check was sent out - up to $3,600 per child under the age of 6 and $3,000 per child ages 6 to 17. Any payments you missed because of IRS errors or because you dropped out of the program should be reflected in your tax refund for 2021.
If you had a baby or adopted one by the end of December, you'll be able to claim up to $3,600 in tax credits for that child when you file your taxes. This includes back pay for advance payments made from July to December, as well as the portion of your refund.
You should receive that money when you claim your child on your tax return, which will notify the IRS of any changes in your family.
