When taxes are filed in 2022 for the 2021 tax year, parents will be able to cash in on the second half of their expanded child tax credit.
Before that though, families will see the final payment for their child tax credit advances.
Related: The final child tax credit payment is just over one week away, here’s what you need to know
For last minute filers who opted in, they’ll see a lump sum of $1,800 to make up for the previous 5 missed payments.
If you’re waiting for the payment through direct deposit, you should see it within a few days of the 15th.
This means many parents will get the payment right before Christmas.
What happens after the final payment?
After the final payment, families can expect the rest of the tax credit next year after they claim the child tax credit for 2021.
Families with kids under age 6 can expect up to $1,800, while families with kids between the ages of 6 and 17 can expect up to $1,500.
If you opted out of the credits entirely but were entitled to them, you could see a lump sum of up to $3,600 next year.
Other families that are expecting a newborn child in December can claim the full refund next year as well.
If a parent missed a payment for some reason within the last 6 months, that payment should be included with the Dec. payment.
Whether or not the tax credits will be extended into 2022 is still up for debate with Congress.
It’s extension is part of the Build Back Better bill. If passed, will extend the expanded and advanced payments into 2022.
President Joe Biden originally wanted it expanded into 2025.
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