The final child tax credit payment is just over one week away, here’s what you need to know

The sixth and final child tax credit payment is scheduled for Dec. 15, 2021. That’s next Wednesday.

Some will get their regularly paid $250-$300 per child, and others might see a lump sum of up to $1,800.

Those that collect their payments via direct deposit will see the payment by the 15th.

As the advanced payments come to an end, the government is working to extend the enhanced payments into the future.

Related: Are you getting the December child tax credit payment? You may need to pay it back

What the child tax credit payments will look like in the future

Everyone that collected payments throughout 2021 can expect the second half of their payments when they file their taxes in 2022.

This means parents could see up to $1,800 in 2022 for children under age 6, or $1,500 for children ages 6 to 17.

You may be issued an even bigger refund if you opted out of your payments during the advanced payments or you missed any.

Right now Congress is trying to decide whether or not to extend the expanded child tax credits past 2022.

Related: Some parents will see $1,800 lump sum payments in less that two weeks

The Build Back Better bill extends it by one year.

If you think you’re missing payments, contact the IRS to file a payment trace.

It could be due to errors or the IRS having wrong information.

If you had a child in 2021, the IRS is unaware and will not see that change until 2022 when you file your taxes.

Related: Child tax credits end in less than two weeks, how can you get $1,800 more per child?

Will my 2021 tax be impacted by the child tax credit payments?

If you were overpaid by the IRS and did not have the payments adjusted correctly due to a change in income or custody, you may owe money.

This is also true if you were paid money by mistake that you were not due.

If you opted out of payments this year, you may see a positive impact in the form of a larger refund.

If you got money for a child that turned 18 at the end of 2021 you will need to pay the money back.

Staff Report

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