(KTLA) – The IRS issued its sixth and final round of monthly advance child tax credits last week to more than 36 million households.
But while millions of families received payments of up to $300 per child per month as of July, some eligible families have yet to see a dime. Others have not received all the money yet.
Those eligible parents could instead get part or all of the child tax credit next year as a payment after they file their 2021 federal tax return.
To receive the money, these individuals must claim the full amount or any outstanding payments on their 2021 federal tax returns when they file next year, the IRS said in a statement. New information posted.
“This includes families that do not normally need to file a tax return,” the statement said.
In addition to any outstanding installments, the lump sum payment will also include the last half of the extended child tax credit. Parents who have received all monthly payments will still be eligible for the second half of their credit.
Under the American Rescue Plan approved this year, half of the child tax credit was prepaid to families who were eligible to file 2019 or 2020 federal income tax returns or who filed sign the IRS’s online non-filers tool.
To date, the federal government has sent more than 200 million payments totaling at least $93 billion, according to the IRS. The funds were distributed on July 15, August 13, September 15, October 15, November 15, and December 15.
All eligible households – even those that have received payments since they started in July – must claim the child tax credit on their 2021 tax return to receive the remainder. return of the money.
“Families that received a prepayment will need to file a 2021 tax return and compare the Child Tax Credit prepayment they receive in 2021 with the amount of the Child Tax Credit they can claim. correct on the 2021 tax return,” the bulletin noted.
The IRS said it will send out a letter next month with information that will help taxpayers adjust to the advance tax relief.
For the entire year, the credits extend up to $3,600 for each child under age 6 and up to $3,000 for each child ages 6 to 17.
The child tax credit was previously limited to $2,000 for the whole year and did not include 17-year-olds.
https://kfor.com/news/child-tax-credits-heres-how-to-get-any-missed-payments/ Child tax credits: Here’s how to get any missed payments