As a parent, it’s important to know the details of advance child tax credit payments. The IRS provides help in understanding these types of payments and how to be eligible. On July 15, about 60 million children’s families got the first installment of the increased Child Tax Credit payments. We’re here to dispel some of the most common conceptions about these payments.
You must report the amount of monthly child tax credit payments you received in 2021 when you file your 2021 tax return in 2022. In January, all those who opted in for any period of time will receive a letter from the IRS detailing the amounts that must be reported. The deadline to unenroll for November and December is November 11.
There are only two more payments of the child tax credit available. The next payment will be made on Nov. 15 for those who have opted in, and the final payment will be made on Dec. 15. It is not too late to register, but you must do so as soon as possible. The deadline to sign up is November 15th. If you haven’t opted in yet, you will receive a significant boost.
The payments were made over the course of six months, with a portion of each month’s payment amounting to about $300 per child. Those who have not previously opted in can receive all of their payments in one lump sum.
Resolve Your Tax Bills
No taxpayer in their right mind wants to be hit with that tax bill, especially if it tends to be a struggle to pay off. The tax credit will not be enough to satisfy any tax debts individuals and families may have with the IRS. But there is a new and improved relief program that consolidates many major relief programs into a one-size-fits-all assistance program.
Any issues regarding back taxes, unfiled years, or any other tax-related problems may be solved through one program; the IRS Fresh Start Program!
See if you qualify for the Fresh Start Program today!
Resolve your tax debt before the IRS surprises you with late fees and penalties!
- Answer a few questions
- Qualify and be presented with a resolution – click here
- Enroll in Fresh Start
You can click here to be connected with a verified partner of IRS Fresh Start Initiative