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Millions of families have received payments of up to $ 300 per child each month since July, but some eligible families have yet to see a dime. Others did not receive all the money. (iStock / Getty Images Plus)
(KTLA) – The IRS last week issued the sixth and final monthly installment of the advance child tax credit to more than 36 million households.
But while millions of families have received payments of up to $ 300 per child each month since July, some eligible families have yet to see a dime. Others did not receive all the money.
Instead, those eligible parents could get some or all of the child tax credit next year in one payment after filing their 2021 federal income tax return.
To receive the funds, those individuals must claim the full amount or any missing payment on their 2021 federal income tax return when they file next year, the IRS said in a statement. Press release.
“This includes families who do not normally need to file,” the statement said.
In addition to the missing payments, the lump sum payment will also contain the last half of the expanded child tax credit. Parents who have already received all monthly payments will still be eligible for the second half of their credit.
As part of the US bailout approved this year, half of the child tax credit has been paid in advance to eligible families who have submitted 2019 or 2020 federal income tax returns, or who have registered on the IRS account. online non-filer tool.
To date, the federal government has sent more than 200 million payments totaling at least $ 93 billion, according to the IRS. The money was distributed on July 15, August 13, September 15, October 15, November 15 and December 15.
All eligible households, even those receiving payments since their start in July, must claim the child tax credit on their 2021 tax return in order to receive the remainder of the funds.
“Families who have received advance payments will need to file a 2021 income tax return and compare the child tax credit advance payments they received in 2021 with the amount of the child tax credit they can properly. claim on their 2021 tax return, “the press release said.
The IRS says it will send out a letter next month with information that will help taxpayers reconcile the early tax relief.
For the entire year, the expanded credits are up to $ 3,600 for each child under 6 years of age and up to $ 3,000 per child between 6 and 17 years of age.
The old child tax credit was capped at $ 2,000 for the entire year and did not include 17 year olds.
The IRS provided more information on child tax credits and taxes earlier this month. Further details on Extended Payments, including other resources, can be found on the IRS website.
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