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Child Tax Credit: Check If You Have Received Additional Payments

After the conclusion of the first half of the Child Tax Credit, IRS is informing the beneficiaries about the impact of the advance payments on their 2021 tax returns.

Child Tax Credit: Check If You Have Received Additional Payments

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Fox News reports that the amount that each taxpayer has received will determine their tax refunds and the remaining payments. The government issued $1500 for each child between 6-17 and $1,800 for each under six. Millions of families have benefitted from the credit program.

Single taxpayers who earned less than $75,000 in the previous year and the married couples earning less than $150,000 were eligible for the payments. The single head of the family making less than $112,500 was also qualified for the payments.

Taxpayers Can Claim Full Payment Protection

Several glitches in the IRS system have led to overpayments to many families across the US. The individuals who did not update their tax information or got divorced in 2021 are also overpaid. The beneficiaries who received an extra amount might have to repay the money. However, they can claim complete payment protection if they have a permanent US residence and live in the country for at least half of 2021. The modified gross income of the individuals should be below $40,000 for single filers while less than $60,000 and $40,000 for married filers and single heads of household, respectively.

Individuals Need To Check For Letters

Fox News reports that the IRS phases out repayment protection if the filers exceed the threshold income limits. IRS expands the restrictions to 120,000 for married couples or widows and $100,000 for a single head of household. Single filers earning less than $80,000 are eligible for the benefits after they phase out. The IRS will deduct the overpaid money from the tax refunds this year. The IRS will issue Letter 6419 shortly to inform beneficiaries about tax-returns information.

The filers need to visit the online IRS portal to get other details regarding tax-return filing payments. IRS also issues other letters required during tax filing, so the beneficiaries need to store the letters. The IRS uses the information to calculate the remaining payments for each filer. The individuals should fill out the form correctly to receive benefits in time.

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