The payments for the Child Tax Credit were meant to be received by the citizens in January. However, it hasn’t arrived yet. So, there are many families in the United States worrying about income. However, one must remain assured that the amount of the CTC will be claimed easily during the tax returns get filed.
When the 2022 taxes are filed, one will have the chance to make up for the amount they didn’t receive in 2021. Anyone who didn’t opt for such payments or who opted out will receive the amount. The amount will also be obtained by one who had their baby late.
During Tax Refund, how the citizens can claim much CTC money?
To receive the Child Tax Credit payments for,
- $1800 for every child who is aged five or
- $1500 for the children who are aged between 6 and 17 and
- Having filed the tax for 2021, one will be eligible.
If you and your family are meeting the eligibility requirements and have received every payment between July-December 2021, you will receive the payment. Even the people who opted out from the payment before the 1st check was sent out will receive the entire amount at once, as per the information received from Marca News. The amount will be,
- $3600 per child who is aged between 6 or below
- $3000 per child who is aged between 6 to 17.
Will the amount received affect the taxes of 2022?
The CTC payments can affect the taxes of 2022. However, it will only be if,
- You have received the overpayment, and the IRS did not make the amount adjustment in the last payments.
- You have received the payments which one wasn’t qualified for.
- Your income has been changed, and the same was not reported to IRS.
- You opted out of the payment last year. This will be making the payment in 2022 larger.
- You have received the amount in connection to the child who in the last year turned 18. The amount as such will be required to be repaid, as per Marca News.