Source: thepennyhoarder.com
The payments scheduled for Wednesday, Dec. 15, will be the final round for the monthly child credits.
Why Are the Child Tax Credits Ending?
Robin Hartill is a certified financial planner and a senior writer at The Penny Hoarder. Send your tricky money questions to [email protected] or chat with her in The Penny Hoarder Community.
The only way to get the remaining half of the credit is to file your 2021 tax return. Typically, you can file your taxes starting in mid- to late January. The deadline to file taxes for 2021 is April 15, 2022, unless you file for a six-month extension. If you or your partner gave birth to or adopted a child in 2021, you can receive the full credit of up to ,600 when you file.
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Could Congress Extend the Expanded Credits?
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Unless Congress takes action before year’s end, the payments will end on Dec. 15. If the extension expires, child tax credits will revert to the normal amount. A married couple with a combined income of 0,000 or less can receive up to ,000 per child. However, the payments won’t be available in advance monthly installments. That means you’d have to wait until tax time to receive the credit.
How Do I Get the Other Half of the Credit?
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In March 2021, President Joe Biden signed the .9 trillion American Rescue Plan into law. Along with ,400 stimulus checks for most Americans, the bill provided a temporary child tax credit boost. “Temporary” is the key word here.
Since July, parents who qualify have received up to 0 a month for each child between 6 and 17, and up to 0 a month for each child younger than 6. The remaining half of the credit — ,500 to ,800, depending on the child’s age — will be disbursed next year when parents file their taxes for 2021.
It’s possible, but don’t count on it. The Build Back Better Act that Biden wants to pass before Christmas includes a one-year extension of the expanded credit and additional measures to address soaring child care costs. But as of Dec. 13, the bill remains at an impasse in the U.S. Senate. <!–
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The quickest way to receive your additional child tax credit money is to file a return online. There are plenty of free tax filing software programs that simplify the process. But it’s vital that you file online instead of by mail. Submitting a paper return could add weeks, if not months, to your wait time.